Slovak firm chosen to buy Slovglass; second-place bidder complains

A company reportedly linked to Slovak tycoon Vladimír Poór seems likely to become the new owner of the Slovglass Poltár glassworks after submitting the highest bid in a tender prompted by the bankruptcy of the factory, the TASR newswire wrote.

A company reportedly linked to Slovak tycoon Vladimír Poór seems likely to become the new owner of the Slovglass Poltár glassworks after submitting the highest bid in a tender prompted by the bankruptcy of the factory, the TASR newswire wrote.

The second-place bidder, AHG Industry, from Germany, has objected to the decision, however, as its bid, submitted three days earlier, was marginally lower than that submitted by Convey, the winner. A court should decide what happens next. According to reports in the Slovak media, the German concern has experience of running glassworks and glass production, unlike the winning bidder. Similarly, the third interested party – Czech billionaire Otakar Motka – recently bought a glassworks in the Czech Republic, along with a subsidiary in Germany. It employs 1,600 people in the glass-making sector.

Convey submitted its offer on the day on which bid envelopes were due to be opened. It offered €910,000 for Slovglass' assets. Three days earlier AHG Industry, which wants to purchase the company for its German Crystal subsidiary, had submitted a sealed envelope offering just €10,000 less.

Slovglass used to produce a wide range of crystal-glass products as well as utility glass, with 95 percent of its products exported. More than 400 people lost their jobs when it shut down after failing to undergo restructuring and pay off its debts.

Source: TASR

Compiled by Zuzana Vilikovská from press reports
The Slovak Spectator cannot vouch for the accuracy of the information presented in its Flash News postings.

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