* The Romanian state and "Ford" are discussing the conclusion of an appendix to the privatization contract, since the Americans have not completed the restructuring process of "Automobile" Craiova
"Ford" and the Romanian state have once again sat down at the negotiation table, for years after the privatization of "Automobile" Craiova. The parties are negotiating an appendix to the privatization contract which would also include modifications in the restructuring process of the Automobile Craiova group of companies, the AVAS officials said, in response to an inquiry by BURSA. They have claimed that the restructuring process assumed through the contract is difficult to implement in the form that was initially agreed upon.
The answer of the Authority comes as the European Commission recently confirmed that it has launched an investigation on a potential state aid that Ford benefits from by using several assets (plots of land, apartments and retail spaces) belonging to "Automobile" Craiova, which were supposed to be transferred to a newly created company. The investigation was opened after former minority shareholders notified Brussels that Ford didn"t fulfill some of its contractual obligations.
"Ford" acquired 72.4% of "Automobile" Craiova in October 2007, when "Automobile" owned 49% of "Daewoo Automobile" România, which in turn owned 74.89% of "Mecatim" Timişoara, according to data provided by AVAS.
Through the privatization contract, Ford pledged to launch a process to restructure the three companies, in order to separate the production activities from the other ancillary activities (real estate).
At the end of the restructuring process, the car production activity and assets that pertain to it would remain in the company focused on production, which is controlled by "Ford", whereas a new company would become the property of all the r
