According to the ministry, bidders failed to submit all the documents needed to participate in the auction.
The institution said it received two advice offers for the sale of Posta Romana. It did not disclose the names of the two bidders.
The deadline to submit offers was this Thursday.
Posta Romana is Romania’s largest provider of postal services. The company is 75%-owned by the Communications Ministry, while investment fund Fondul Proprietatea (FP.RO) holds the remainder.
The Romanian government pledged to find a strategic investor to buy at least 20% in the postal company during a capital increase scheduled for 2012 and to start collective layoffs under a previously established restructuring plan. Fondul Proprietatea might reduce its stake in Posta Romana to 15% unless it participates in increasing the company’s capital.
Last week, Communications Minister Razvan Mustea said the privatization of Post Romana will be completed at the end of the year or in the first months of 2013, not in June 2012, the date agreed upon following negotiations with the International Monetary Fund.
According to Mustea, the state will continue to be a majority shareholder at Posta Romana after privatization.
The company ended 2011 with losses of 68 million lei (EUR15.5 million), said the minister.
Posta Romana’s revenue and expenses budget for last year stated the company would register a gross profit of RON2.34 million and total revenues of RON1.51 billion in 2011. (EUR1=RON4.3745)