Ford, GM, Russian firm bid for Romanian Daewoo

[Oracle of Delphi]

Romania received three non-binding offers in the sale of a majority stake in carmaker Daewoo Automobile Craiova, the privatisation commission said on Thursday.

The new European Union member's centrist government had previously said it hopes to wrap up the sale of 72.4 percent in Daewoo by the summer, after it bought back the majority stake in the company from its bankrupt owner late in 2006.

Link: http://www.reuters.com/article/tnBasicIndu...269681920070426

Edited April 27, 2007 by Pontiac Custom-S

[Z-06]

If GM gets a hand on it, will it be #1 again?

[thegriffon]

Craiova is the company which owns Daewoo Romania. It is not exactly the same company. The Russian company is JSC Russian Machines (ОАО "Russkie Mashiniy"), the subsidiary of private equity firm Basic Element which owns the various machinery-manufacturing investments, including automotive holding company GAZ Group (automobiles, trucks, buses, commercial vehicles, construction equipment engines etc.), aircraft company Aviacor Aviation, and railcar and container producer Abakanwagonmash.