Russian Tie-in Leads Bids for Serbian Hydraulic Equipment Maker Prva Petoletka

The Russian consortium, comprising Bummash and Rosmashtorg, has offered a deal price of 5.0 million euro ($6.3 million) and 30 million euro in investments, the agency said in a statement.

The only other competing bid was placed by a consortium comprising Ukraine’s Lviv-based bus plant, Lvivsky Avtobusni Zavody Ltd (LAZ), and United Kingdom’s City Transport Construction Investments Ltd. It has offered a deal price of 2.5 million euro and 60 million euro in investments.

This is Serbia's third attempt to sell Prva Petoletka after the two previous tenders failed to attract investors.

Prva Petoletka turned to a net loss of 32,000 euro last year after breaking even in 2006. Its total assets rose to 24.551 million euro at the end of 2007 from 23.918 million euro a year earlier.

($ = 0.7914 euro)