Ford can unlist the company from the Stock Exchange, but the small shareholders are in a hurry to sell their shares, counting on additional sums of money from the real estate assets that have not been taken over by Ford.
The Americans from Ford will start to produce from Sept 8, in Craiova, the first cars since they have taken over the factory. For a start, the production will be of 60-90 units a day and the estimates say that until the end of the year manufactured will be almost 10,000 cars.
„The contract with General Motors for the production of engines ended. From Sept we will start to manufacture the first Ford Models in Craiova, they will start to be exported to the US. Around 1,100 of the 3,900 employees will work to the production of the new model,” said the sources.
On the other hand, the management of the group of Automobile Craiova companies, ACSA, including Automobile Craiova, the former Daewoo factory, and Mecatim Timisoara, is working to the project of the merger and division of these companies, according to the privatization contract.
According to Appendix 3 of the privatization contract, the separating of the assets that have not been taken over by Ford,” will allow privatization authority AVAS and the minority shareholders to satisfy the purpose of getting involved in the connected activities and to benefit from the connected assets, which will represent a contribution in a newly set up company.”
Practically, Ford has taken over from AVAS the control of Automobile Craiova, being interested only in the production activity.
So, for not prolonging too much the privatization process, Ford has taken over Automobile Craiova for a discount price, (proportional with the value of the real estate assets that have not been taken over), on condition to subsequently give to AVAS the corresponding share of the real estate assets that have not been taken over.
The remaining shares in the future real estate company, that will result from the division of Automobile Craiova, will have to go, normally, to the investors that held Automobile Craiova shares, at the date of the conclusion of the privatization contract, and not to those currently holding shares.
It is exactly for that that SIF Oltenia, that sold the two percent participation in ACSA, has taken the case to court, for getting 22 percent of the real estate company.
So, even if they have come to control 97 percent from Automobile Craiova and can require the delisting of the company.
The Americans do not have the right to a share in the real estate company, because they have benefited from a discount on the basis of the declining of the takeover of those real estate assets.
Ford will hold 97 percent only of the auto factory in Craiova.