RTB decision expected April 9
The state-s decision on A-TEC’s latest demand for extending the deadline for the purchase of RTB Bor is expected this week.
Monday, 07.04.2008.
11:49
The state-s decision on A-TEC’s latest demand for extending the deadline for the purchase of RTB Bor is expected this week. The Privatization Agency stated that a meeting of the Council for the Restructuring and Privatization of RTB Bor will meet on Wednesday to discuss the offer made by Austrian consortium A-TEC. RTB decision expected April 9 The Austrians asked Friday, five minutes before the deadline to make the payment for the acquisition of the eastern Serbian copper mining and smelting complex, for a new extension of the deadline. The company asked for an extension after stating earlier that night that it has backed down from purchasing RTB Bor. A-TEC has so far paid USD 150mn out of the total agreed sum of USD 466mn. Previously, the Privatization Agency announced the deal had fallen through. Based on the Council’s decision, a proposal will be given to the government which will then be discussed at the next meeting on April 10. The company proposed to immediately pay USD 230mn, which would equal USD 380mn when added to the USD 150mn already been paid. It also asked to increase the auction guarantee by USD 5mn, to USD 15mn. Economy an Regional Development Minister Mladjan Dinkic heads the RTB privatization council, which is made up of officials from the energy, finance, environmental protection and labor ministries. RTB administration and union representatives will also attend the meeting, the Privatization Agency stated.
RTB decision expected April 9
The Austrians asked Friday, five minutes before the deadline to make the payment for the acquisition of the eastern Serbian copper mining and smelting complex, for a new extension of the deadline.The company asked for an extension after stating earlier that night that it has backed down from purchasing RTB Bor.
A-TEC has so far paid USD 150mn out of the total agreed sum of USD 466mn.
Previously, the Privatization Agency announced the deal had fallen through.
Based on the Council’s decision, a proposal will be given to the government which will then be discussed at the next meeting on April 10.
The company proposed to immediately pay USD 230mn, which would equal USD 380mn when added to the USD 150mn already been paid.
It also asked to increase the auction guarantee by USD 5mn, to USD 15mn.
Economy an Regional Development Minister Mlađan Dinkić heads the RTB privatization council, which is made up of officials from the energy, finance, environmental protection and labor ministries.
RTB administration and union representatives will also attend the meeting, the Privatization Agency stated.
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