Ford Motor To Buy Romania’s Automobile March 21

The privatization commission of Romania’s Automobile Craiova assembly plant was empowered to extend the sale offer until March 21 to allow the completion of the company’s takeover by U.S. giant Ford Motor Co., the head of Romanian privatization authority Teodor Atanasiu said Wednesday.

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The privatization offer was supposed to expire on March 14, Atanasiu said.

Ford will take over Automobile Craiova on March 21, member of Automobile’s privatization commission Mihai Voicu said Tuesday.

"There hasn’t been set any schedule yet, but Prime Minister Calin Popescu Tariceanu and Ford Europe president John Fleming will be in Craiova then. Practically, on March 21, the privatization process will be concluded,” Voicu said.

In September last year, Ford agreed to pay EUR57 million for a 72.4% stake in state-run Automobile Craiova and pledged to invest another EUR675 million to upgrade the plant.

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