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Romanian Privatization Agency Cancels Mining Co Sale To Comply With EU Rules

Romania’s privatization agency AVAS cancelled its offer to sell mining company Cupru Min Abrud and will modify and update the company’s presentation file after the European commission decided sale plans breached state aid rules.
Romanian Privatization Agency Cancels Mining Co Sale To Comply With EU Rules
30 iun. 2008, 10:37, English

The European Commission said some of the conditions the agency attached to the sale, such as maintaining the company’s activity for at least ten years and mandatory investments, could result in a lower sale price.

To avoid elements that qualify as state aid, the privatization agency must sell the state-owned stake in the company to the highest bidder in an unconditioned, open and transparent auction.

AVAS is to modify and update the mining company’s presentation file to comply with EU requirements.