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November 3 (SeeNews) - The creditors of Serbia's insolvent car battery maker Fabrika Akumulatora Sombor (FAS) rejected an improved 7 million euro ($8.15 million) acquisition offer made by Swiss-based Batagon International, Belgrade-based media reported on Friday.
The bid was rejected by three members of the creditors' board, news portal SoInfo quoted the insolvency administrator of FAS, Predrag Ljubovic, as saying.
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There are three options from now on - to continue talks with Batagon International although the bank guarantee on FAS debts expired on October 19, to restart the procedure for the sale of the car battery maker, or to simply wait, Ljubovic said.
Four other companies had acquired documentation in the process for the sale of FAS but none of them placed an offer in the last three months, he noted.
The creditors of FAS have already rejected three offers by Batagon International for the assets of the insolvent company. Batagon International originally offered 3 million euro for FAS in July and then sweetened their bid to 4 million euro. In August, the creditors rejected a 5.05 million euro offer and Batagon International raised the bid to 6 million euro.
In May 2014, the Serbian government agreed to sell FAS to Greek company DEM Hellas owned by entrepreneur Eftimios Karanasios. However, DEM Hellas did not meet its contractual obligations and the Serbian government called a new tender for the sale of FAS in October 2016. The tender attracted no bids.
($ = 0.8588 euro)
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