Thursday, June 21, 2007

Engel East Europe discontinues talks for project in Romania

LONDON (Thomson Financial) - Engel East Europe NV said it has discontinued talks for a project in Romania, having been unable to agree on the terms that would result in an acceptable return for shareholders.

The property developer, however, said it continues to view Romania as a key market and is in negotiations for other large-scale projects there.

On July 24, 2006, Engel East had said it signed a memorandum of understanding to take a stake in the planned development of several thousand residential units in "a central location in Romania".

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