Ford’s offer for Automobile Craiova remainder of shares ends on Aug 11

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Ford Motor Company’s public offer launched on July 22 for the takeover of the shares which does not hold in Automobile Craiova (listed on RASDAQ with AUCS symbol) accounting for 3.267 percent of the share capital will end on August 11, according to the web site of the Bucharest Stock Exchange (BVB).

The public offer is worth 10.9 million lei (some 2.59 million euros) and is conducted by American group Ford with a view to delisting Automobile Craiova from RASDAQ market.

Ford offers 17.65 lei/share, for the remainder of 618,973 shares that have a nominal value of 2.1 lei/share. The offer is brokered by brokerage company EFG Eurobank Securities.

American Group ford became majority shareholder in Automobile Craiova in September 2007 when it purchased a 72.4-percent stake from the Romanian state, in exchange for 57 million euros.

In April 2009, Ford Motor Company took over a 22-percent stake in Automobile Craiova from SIF Oltenia in exchange for 76.4 million lei.
Automobile Craiova was the sole shareholder of Daewoo Automobile Romania, at present Ford Romania, which operated the Craiova-based plant.

The American carmaker increased capital in January with 250 million euros from Ford Romania and the stake in automobile Craiova shrank for some 2.43 percent.

Automobile Craiova has a share capital of 39.7 million lei (some 9.45 million euros), divided into 18.9 million shares.

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