Romania buys out Daewoo Motor share from Daewoo Automobile Romania

Romania buys out Daewoo Motor share from Daewoo Automobile Romania

The Romanian government has said that they have completed the buyout of their South Korean partner Daewoo Motor from their joint venture named Daewoo Automobile Romania.

This would now enable them to find a new partner for this car plant operation.

Romania paid close to around $51 million for Daewoo Motor’s stake in the company. They paid an additional $10 million for debts of their old partner.

The company had been trying to buy back the 51 percent it originally sold to Daewoo. The Romanian government said in a statement on this development: “The completion of the deal allows the ministry to meet the goal to attract those companies willing to invest in the car-making sector.”

The government now aims to launch a tender to sell the carmaker in December.