The European Commission has decided that Ford Motor Co., the worlds No. 3 carmaker, must pay a total of 84 million euros for the stake in Romanian car manufacturer, Automobile Craiova.
According to sources familiar to the subject, cited by Hotnews, Bruxelles officials have finalized the inquest regarding Automobile Craiova’s takeover.
Thus, the commissioners have decided that the transaction may continue if the American carmaker will return state benefits, and pay 26,9 million euros worth of aids, received from Romania. The aids are worth almost 50 % the price Ford has paid for the Romanian car manufacturer.
Ford officials claim they will not give up the deal and said they cannot comment upon the decision until it is publicly announced. The state provided benefits Ford has received consist in a series of stipulations, which have led to a price drop in Automobile Craiova.
Thus, the buyer was obliged to produce a minimum of 200.000 cars during the forth year since the takeover and to keep the same employees and the activity of the factory for at least four years.
Ford has signed the takeover deal with the Romanian state in September last year. Then, the Romanian Government received 57 million euros for the stake in Automobile Craiova and the Americans promised direct investments worth of 675 million euros during the next four years and a production level of 300.000 cars.
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