Yugo cars on the auction block
Published December 27th, 2007
he manufacturer of the Yugo car will be sold next year, the Serbian government said Thursday.
Nearly 90 percent of the shares of the company, Zastava, the only Serbian carmaker, will be sold in April, the Serbian Privatization Agency said. Serbian officials hope the two deals will raise the appeal of the troubled automaker.
Car producers with revenue of at least €500 million, or $725.3 million, for 2006 would be eligible to bid, along with financial investors managing assets of at least €2 billion in 2006, the government said in an advertisement published in the Politika daily.
Zastava, based in the central city of Kragujevac, first exported the Yugo to the United States in 1986, where it sold for less than $4,000.
