The Serbian Privatisation Agency recently announced that the sale of Serbia's largest glass maker, Industrija Stakla Pancevo (ISP), fell through after the sole bidder, Greece's Yioula Glassworks, declined to sign the deal. Because the sole bidder for 100% of ISP has decided not to sign the sale contract, the tender commission in charge of the privatisation of the glass maker declared the tender void, the privatisation agency said in a statement 11 September 2008. No reason was given as to why Yioula backed out of the deal, nor was the size of the Greek company's bid revealed. It is the second time Yioula Glassworks has been the sole bidder for ISP. The previous tender for the sale of the Serbian glass firm failed in Feb/06 after Yioula's bid was declared invalid because it did not tender for the whole 100% stake. ISP, set up in 1930, has two subsidiaries: Trispan, which sells glass, and Specijalna Stakla, which produces glass. The company is one of the oldest glass makers in southeastern Europe.
