RTB: Austrians place better offer than Russians

Austria's A-TEC has offered USD 466mn for RTB Bor, while Russian SMR has put in a bid of USD 370mn.

Izvor: B92

Friday, 23.11.2007.

16:25

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Austria's A-TEC has offered USD 466mn for RTB Bor, while Russian SMR has put in a bid of USD 370mn. The news was announced by President of the Tender Commission Luka Andric, who expects the decision on the winner to be taken long before the deadline for submission of offers in 30 days' time. RTB: Austrians place better offer than Russians Andric added that the contract with the buyer could be sealed before the end of the year. Both bidders have accepted the minimal conditions of the social program, with Russian SMR offering USD 414mn in investments, and A-TEC USD 180.4mn. Nonetheless, the decision on the winner was clear as the Austrian company had offered almost USD 100mn more, said the commission president. Challenged that the Russians had made the better overall offer, he replied that “you can’t look at it that way. Investments aren’t the same as prices. Had they wanted to make a better bid, they would have offered USD 700mn, and would have won. Obviously, it’s important that the investment is as large as possible, but that’s not the main criterion at this tender.” Bor Municipality President Branislav Rankic said that RTB’s board and the municipality felt that the company required capital and stressed that it was a key theme whether the bigger offer necessarily meant the better buyer. Bernard Rippel, a representative of the Austrian consortium that includes A-TEC Industries and Montanwerke Brixlegg, voiced his satisfaction with the privatization process thus far, though he added that he would not be making any announcements concerning investment or social programs until the winner had been declared. Rippel said that RTB Bor was a big challenge for any potential buyer, and said that he would be meeting with trade unions, the government and the local community if A-TEC's bid proved successful. President of the RTB Bor Independent Trade Union Dragan Aleksic said that his trade union was not happy with the offer and added that he would insist on all commitments being met as far as the company was concerned.

RTB: Austrians place better offer than Russians

Andrić added that the contract with the buyer could be sealed before the end of the year.

Both bidders have accepted the minimal conditions of the social program, with Russian SMR offering USD 414mn in investments, and A-TEC USD 180.4mn.

Nonetheless, the decision on the winner was clear as the Austrian company had offered almost USD 100mn more, said the commission president.

Challenged that the Russians had made the better overall offer, he replied that “you can’t look at it that way. Investments aren’t the same as prices. Had they wanted to make a better bid, they would have offered USD 700mn, and would have won. Obviously, it’s important that the investment is as large as possible, but that’s not the main criterion at this tender.”

Bor Municipality President Branislav Rankić said that RTB’s board and the municipality felt that the company required capital and stressed that it was a key theme whether the bigger offer necessarily meant the better buyer.

Bernard Rippel, a representative of the Austrian consortium that includes A-TEC Industries and Montanwerke Brixlegg, voiced his satisfaction with the privatization process thus far, though he added that he would not be making any announcements concerning investment or social programs until the winner had been declared.

Rippel said that RTB Bor was a big challenge for any potential buyer, and said that he would be meeting with trade unions, the government and the local community if A-TEC's bid proved successful.

President of the RTB Bor Independent Trade Union Dragan Aleksić said that his trade union was not happy with the offer and added that he would insist on all commitments being met as far as the company was concerned.

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