AVAS Broke Negotiations on Avioane Craiova. AERO Wanted to Continue.

After AVAS announced breaking the negotiations on Avioane Craiova acquisition, Aero Vodochody expressed great disappointment and pointed out several incorrect facts in the AVAS news release.>> We have negotiated with AVAS for over two months in order to reach the agreement in the interest of Avioane Craiova and its employees. We have reiterated our business plan centered around further development of the aviation production in Avioane Craiova and also our long-term plan to create a CEE aerospace holding, which the company should have become an important part of, reaffirmed Igor Hulak, President of Aero Vodochody.>> We were very glad about the announcement of our winning bid this July. Although we have used all possible opportunities to explain our standpoints and business plan fundamentals, backed by the extensive experience we have both in aviation production and the revitalization process, I am very sorry to say that our proposals were not accepted, he added.>> The news release of AVAS from today shocked the representatives of Aero. Aero was interested in prolonging the term of the tender, which represented one of the possibilities, AVAS could have chosen. We wanted to go on in the negotiations, confirmed Igor Hulak.>> Moreover, AVAS mentions untrue information in its news release and accuses Aero of breaking principles of democracy and free economy, which the representatives of Aero have never been warned of by AVAS during the negotiations. Aero firmly states that during the negotiations it has never required anything contradicting the applicable laws or tender procedure. As confirmed by its reputable Romanian legal advisers who assisted during the negotiations, Aero's proposals have always been in full conformity with the Romanian privatization legislation and standard practice in worldwide acquisition transactions.