Ford Motors has submitted the sole bid for a majority stake in Romanian car-maker Daewoo Automobile Craiova, said state privatization agency AVAS. Romania, which wants to sell a 72.4 percent stake in Daewoo Automobile Craiova, received letters of intent from General Motors Corp., Russian Machines, and Ford.

Earlier this year, the government wanted to sell 95 percent of Daewoo, by adding a 22 percent stake owned by Investment Company SIF Oltenia to the tender, but AVAS told Reuters that the company has withdrawn from the sale.

The government had to spend $51 million to return the company from bankrupt owner Daewoo Motor in late 2006 and another $10 million for debts. Teodor Atanasiu, the head of AVAS, said he expects the buyer to ensure a minimum yearly output of 300,000 vehicles. Many auto parts makers are attracted by the new European Union member, by cheap labor and favorable tax rates.

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The Focus Mk II, codenamed C307, uses a new platform called C1 shared with the Volvo S40, Mazda3 and Focus C-Max. It was launched at the Paris Motor Show on September 23, 2004 as a three and five-door hatchback and a station wagon. The four-door sedan version was previewed as a concept developed by Ford Australia at the Beijing Motor Show in mid-2004 and joined the range after the hatchbacks. This new Focus is also built in South Africa for export to Australia and New Zealand more...