Three Bidders Approved To Buy Shipping Company

Wednesday, February 14, 2001
Latvian Economy Minister Aigars Kalvitis said the cabinet had approved three bidders to buy a 68 percent stake in Latvian Shipping. "Six companies had applied and we approved the 'long-list' of three companies," Kalvitis said. He did not name the bidders. The three approved companies will have to place their bids in early April. The cabinet will evaluate the bids and shortlist the companies, which will carry out due diligence of Latvian Shipping. The cabinet will also name the minimum price for the majority stake in the shipper. The auction is expected to take place in May. – (Reuters)

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