March 5, 2008 / 1:03 PM / 12 years ago

Romania PM says Ford deal to complete by end-March

BUCHAREST, March 5 (Reuters) - Romania will complete the sale of its majority stake in carmaker Automobile Craiova AUCSxm.BRQ to Ford Motor Co (F.N) by the end of this month, Prime Minister Calin Tariceanu said on Wednesday.

Ford, the sole bidder for the European Union newcomer’s struggling plant formerly called Daewoo Romania, agreed last September to pay 57 million euros ($86.5 million) for a 72.4 percent stake.

But last month the EU’s executive said after a five-month investigation Romania had given illegal state aid to the plant during its sale, saying it must recover 27 million euros from the U.S. carmaker.

Tariceanu did not say how Romania would address the issue.

“I’m glad we can finalise this project initiated by the government ... a full network of spare parts and components (suppliers) will be created around this plant,” Tariceanu said in a statement. (Reporting by Radu Marinas; Editing by David Holmes)

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