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Nov 16, 2007 16:19 EEST
November 16 (SeeNews) - Romania on Friday said it decided not to extend the deadline for the sale of its 100% stake in Santierul Naval Mangalia after the offer of the sole bidder, Romanian 2x1 Holding Cape Midia Shipyard, was considered too low.
The country's privatisation agency AVAS said in a statement it will launch a restructuring programme for Santierul Naval to ensure the company's competitiveness and prepare it for privatisation.
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Santierul Naval Mangalia has a share capital of 5.276 million lei ($2.22 million/1.51 million euro). The sale had to be completed within 180 days after its launch on May 18. 2x1 Holding Cape Midia Shipyard filed an offer on July 3, and then an improved one on October 24. The parametres of the offer were not immediately known.
This was Romania's second attempt to sell Santierul Naval Mangalia. Daewoo Mangalia Heavy Industries (DMHI) withdrew its offer in the first tender in mid-2006.
(1 euro = 3.4833 Romanian lei)
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