Romania To Relaunch Sale of Aircraft Maker Avioane Craiova After Rejecting Bid of Czech Co AERO Vodochody

”Some of the demands to include contractual clauses outside the scope of the existing legal framework and the AVAS [Romania's privatisation agency] offer could not be taken into consideration by the authority,’ the agency said in a statement.

AVAS selected AERO Vodochody as buyer of Avioane Craiova in July.

The offer of the Czech company was worth a total of 16.3 million euro ($23.4 million), including 4.1 million euro for the 80.9778% stake, 8.883 million euro for investments over five years, 3.3 million euro in working capital and 30,000 euro for environmental measures in the first year.

AERO Vodochody outbid Italy's Alenia Aeronautica and Romania's INAV S.A. in the tender for Avioane Craiova. At the time, it was Romania's third attempt to sell the company.

The Avioane Craiova stock lost 9.55% to 9.0 lei ($3.5/2.4 euro) by 1304 GMT on Monday on the Romanian over-the-counter market RASDAQ.

($ = 0.6968 euro)