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Sep 13, 2007 12:46 EEST
September 13 (SeeNews) - Shares in Automobile Craiova, the owner of car manufacturer and distributor Daewoo Automobile Romania, lost ground on Thursday after they resumed trading on the Bucharest Stock Exchange (BVB) following the signing of a deal for the company's sale to U.S. car maker Ford Motor Company.
Automobile Craiova's stock lost 17.51% to 24.5 lei by 0928 GMT on Thursday. By that time it traded in a turnover of 525,400 lei ($220,000/158,500 euro).
Shares in Automobile Craiova lost 24.86% before they were suspended from trading on Monday morning until a deal for the sale of the company to Ford Motor Company is struck.
Romania and Ford Motor Company signed the deal for 72.4% of Automobile Craiova at the 62nd International Motor Show in Frankfurt on Wednesday. Ford Motor Company has pledged to pay 57 million euro ($79 million) for the majority stake in Automobile Craiova. It also would invest 675 million euro in the Romanian company and almost double the number of employees to some 7,000. The U.S. car maker expects to reach an annual production of 300,000 vehicles by 2012 and to be spending around one billion euro annually to support its Romanian operations.
(1 euro = 3.3159 Romanian lei)
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