George Copos (photo) has reached an agreement with a group of businesspeople (including Dorin Goia and Horia Ciorcila) and settled the legal dispute that concerned the purchase of the Hilton hotel in Bucharest, which took place almost three years ago. The agreement means he will have to fork out between 17 and 19 million euros to become sole owner of the hotel, according to sources from the financial market. The conflict between Tehnofrig Cluj and Copos's Ana Hotels dates back to 2005, when Copos's company purchased the majority stake (52.54%) in Athenee Phoenix Group (Hilton hotel's owner) from French group Vivendi Universal. The value of the acquisition was estimated at around 18-19 million euros, at a time when Copos was Deputy Prime Minister. Tehnofrig claimed half the 52.54% stake in the company that controls the 5-star hotel in Bucharest, based on a deal it previously had with Ana Hotels. On the other hand, Ana Hotels representatives claimed the Cluj-based company had failed to come up with the money in due time, so Ana Hotels paid for the stake, which would entitle the company to the entire stake. After a three-year legal dispute, the two parties have finally reached an agreement, whereby Copos practically admitted that the Cluj-based group was entitled to stock, in line with the original deal. "I have been informed by the group's management that a deal has been sealed with the Cluj-based group, whereby we purchased the entire stake they hold in every Hilton-related company. All clauses are confidential. As far as I am concerned, the case reached a fair settlement, which has left both parties satisfied," George Copos told ZF. He added that the value of the settlement circulated on the market was "out of the question".
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