Bids coming in for Citadele and Metalurgs

Take note – story published 9 years ago

Concrete bids have been received for state-owned bank Citadele and other investors are seriously interested in acquiring the Liepajas Metalurgs steelworks, which is currently in administration, government officials said Monday night.

Speaking after a meeting of the coalition cooperation council, Economy Minister Vjaceslavs Dombrovskis told reporters that "binding" bids had been received for Citadele.

"They will now be assessed," Dombrovskis said, adding that he expected to update the cabinet on the sales process as early as next week, according to the LETA news agency.

Citadele, which was formed from the wreckage of bailed-out Parex bank, is supposed to be sold off by the end of the year under the terms of an agreement with the European Commission.

The bank is 75 percent owned by the state with 25 percent held by the European Bank for Reconstruction and Development (EBRD).

After the same meeting Prime Minister Laimdota Straujuma said buyers were also circling around the Liepajas Metalurgs steelworks, currently mothballed until an investor can be found.

Six potential purchasers are in the running and will be asked to submit binding bids for the stricken steelworks by the end of July, Straujuma said.

"The main thing is that Liepajas Metalurgs should start working again this year," Straujuma said.

Seen a mistake?

Select text and press Ctrl+Enter to send a suggested correction to the editor

Select text and press Report a mistake to send a suggested correction to the editor

Related articles


Most important