Romania calls for bids in Daewoo sale by July 5

By From| May 04 2007
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BUCHAREST (Reuters) -- Romania has called for binding offers in the privatization of carmaker Daewoo Automobile Craiova by July 5, the privatization agency said today.

The AVAS agency also said it would publish a further schedule of the privatization on July 6, including a deadline for improved offers.

The new European Union member's centrist government plans to sell about 95 percent of the carmaker, including a 72.4 percent stake it bought back from its bankrupt owner late in 2006.

So far, General Motors, Ford Motor Co. and Russian Machines have submitted letters of intent.

Many auto parts makers have set up in Romania recently, lured by the rising output of Renault's Dacia plant, cheap labor and favorable tax rates.

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