Serbia rejects UK-Ukranian bid for truck/bus maker FAP

In October, the consortium comprising UK's Team Constructions Investments and Ukraine's Fincom Capital filed the sole bid in the tender, offering to invest 10 million euro ($13 million) in FAP over a five-year period alongside other commitments.

The offer was rejected because the bidder has submitted amendments to the draft sale agreement that are not acceptable as they significantly alter the structure of the transaction as well as the rights and obligations of the parties involved, the agency said in a statement, adding that the tender is thus declared unsuccessful.

The tender for the FAP stake was called in January 2012.

($=0.7729 euro)