Czech Partners to submit Tatra sale project to govt, KoB

28. 8. 2001 – CTK Czech Partners CZ, which has expressed interest in a takeover of Czech lorry maker Tatra, will submit a project of the company’s privatisation to the cabinet and to bail-out bank Konsolidacni banka (KoB) this week, Czech Partners’ adviser Vaclav Prokupek said yesterday. “At these talks, we will submit documents concerning the financing of our project,” he told reporters. Last week, the company called on the cabinet to cancel a tender for the privatisation of Tatra. Last November, the cabinet empowered Odien Restructuring Services company to advise on the selection of Tatra’s strategic partner. At end-March, four investors shortlisted by Odien launched due diligence at the lorry maker, and in mid-July Odien recommended US company SDC International as the winner to KoB. Czech Partners, established to buy Tatra, said that the tender was intransparent and that the managers still did not know why the company was not shortlisted. “Odien did not respect the principles of a public tender, and it did not set clear and binding conditions and criteria for the participants in the tender in advance,” said Czech Partners’ lawyer Martin Kulhanek. Alice Undusova, spokeswoman for Odien, said earlier that the company would not comment on steps taken by companies which failed to make it for the second round. “We have submitted the results of the tender and our recommendation to KoB as the owner of Tatra,” said Undusova. The cabinet should make a decision on the new owner in early September, but Czech Partners believes that it will ignore Odien’s recommendation. “We think that there is a general dissatisfaction with Odien, and we claim that our project is better,” said Prokupek. “Our bid is higher than that submitted by SDC,” he stressed, adding that Czech Partners wanted to invest $120 million or Kc4.6 billion in Tatra. ________ Read about “Czech Partners” regret not to reach Odien’s top 4 back in April. Details by CTK news agency>>>>> Cirex SDC Web site Terex, SDC & Tatra Terex web site Tatra World News Page CTK news on takeover of Tatra Bering trucks web site Odiengroup news on Tatra