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Article: Serbia cancels deal for Serbian copper complex
- Article from:
- AP Worldstream
- Article date:
- April 10, 2008
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Serbia's government on Thursday canceled a US$466 million (300 million) deal with Austrian consortium A-Tec Industries AG for the sale of Serbia's largest state-owned copper company.
The deal was dropped because the Austrian consortium failed to make a down payment to complete the purchase of RTB Bor, a mining and metallurgical complex, by Friday's deadline.
"Had they made the down payment, our decision could have been different," Serbia's Economy Minister Mladjan Dinkic said.
The government decided instead to open negotiations with the second-place bidder, Strikeforce, which is owned by Russian metals tycoon Oleg Deripaska. It was ready to pay US$370 million ...