A-TEC pays USD 150mn for RTB Bor
Austrian consortium A-TE has made a payment of USD 150mn for RTB Bor, the company announced this week.
Sunday, 02.03.2008.
14:53
Austrian consortium A-TE has made a payment of USD 150mn for RTB Bor, the company announced this week. The ability of A-TEC, the highest bidder in the tender for the sale of the copper mining and smelting complex, to meet the contract obligations and pay the full sum was questioned. A-TEC pays USD 150mn for RTB Bor A-TEC also announced it "respected all tender rules and regulations and worked in line with those rules from the beginning". "We are business people who do not deal with politics. In line with the tender regulations we requested the extension of the deadline, because we have not specified several points of the negotiations," the A-TEC said of their late payment. The Privatization Agency approved to A-TEC an extension of payment deadline on condition that that the company pays USD 150mn by Feb. 29, and the remaining USD 316mn by April 4. According to the statement from the company, A-TEC owns EUR 2bn worth of assets, it has EUR 400mn in cash and liquid assets, and over EUR 400mn of capital in shares. A-TEC pointed out that according to the agreement the "funding of the acquisition of RTB Bor will be settled and the transfer of funds be made in line with the deal".
A-TEC pays USD 150mn for RTB Bor
A-TEC also announced it "respected all tender rules and regulations and worked in line with those rules from the beginning"."We are business people who do not deal with politics. In line with the tender regulations we requested the extension of the deadline, because we have not specified several points of the negotiations," the A-TEC said of their late payment.
The Privatization Agency approved to A-TEC an extension of payment deadline on condition that that the company pays USD 150mn by Feb. 29, and the remaining USD 316mn by April 4.
According to the statement from the company, A-TEC owns EUR 2bn worth of assets, it has EUR 400mn in cash and liquid assets, and over EUR 400mn of capital in shares.
A-TEC pointed out that according to the agreement the "funding of the acquisition of RTB Bor will be settled and the transfer of funds be made in line with the deal".
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