Romania’s Privatization Authority Cancels Privatization Offer For Antibiotice

Romania’s privatization authority AVAS repealed the privatization offer for the country’s last remaining state-owned drug maker Antibiotice SA (ATB.RO), after last week the Government annulled the decision to sell the company through open bid, AVAS announced on Wednesday.

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AVAS is to refund the money that investors spent with the presentation book and the tax they paid to have access to the company’s data chamber.

AVAS said to resume the company’s privatization through a method that will observe European standards as well as take into account the company’s economic and social importance.

On Tuesday, the Chamber of Deputies approved the setting up of an investigation committee regarding the Antibiotice Iasi sale

The investigation committee will analyze why AVAS refused to apply the decision of the Iasi Court of Appeals that had ruled to suspend the company’s privatization process as well as evaluate the consequences of a possible change in the company’s activity after its privatization.

On Sunday, the company’s head Teodor Atanasiu, said in a press conference that "all stories" so far told about Antibiotice Iasi are nothing more than "fabrications for electoral purposes."

Atanasiu stressed that these “stories” were made-up by people who know nothing about capitalist economies.

The auction for the company’s sale had to take place on March 18.

Prior to the abrogation, AVAS had received 53 letters of interest from investors for the majority stake in the company.

The European Commission warned the Romanian government in a letter that it might open an investigation over an alleged illegal state aid in the privatization process of Antibiotice.

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