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A large private company returns to state ownership
22 March 2018, 4:19 PM

>>> The Ministry of Economy took over the majority stake in DMHI Mangalia Shipyard, one of the biggest in the country
By Theo Moreni
The Romanian Ministry of Economy announced that the negotiations between the Romanian state and the strategic investor interested in the DMHI Mangalia Shipyard were finalized on Wednesday evening, March 21st. In this way, the Ministry of Economy becomes the majority shareholder at 2 Mai S.A Mangalia Shipyard
As a result of the privatization process of the 1990s, Mangalia Naval Shipyard was owned by the 51% South Korean Daewoo Group since 1997, and 49% of the shares belonged to the Government of Romania. At the Mangalia site, one of the largest in the country, 127 oil and container ships were built over time and 300 other vessels were repaired.
At the end of last year, Daewoo Shipbuilding & Marine Engineering (DSME) sold the Mangalia Shipyard to Dutch group Damen Shipyards, the largest shipbuilder in the Netherlands, which also owns the Galati shipyard, with about $ 26 million, by the Competition Council.
The South Korean group has begun talks on the sale of the Mangalia yard in 2016 as part of efforts to restructure international operations.
Surprisingly, however, earlier this year, the government announced that it would intervene in this deal, with the Romanian state making use of the pre-emptive right and redeeming 51% of South Korean shares, thus depriving the Dutch of the stake for which they have already agreed to pay about $ 26 million.
The Romanian State has the right to pre-empt these shares, being a co-owner.
Now, however, the negotiations have been completed with the following formula: Naval yard will abandon the exercise of the pre-emption right with regard to the acquisition of Daewoo's shareholding, and subsequently Damen will assign it free of charge to Naval yard 2 May , 2% of the share package. The shareholding structure of the joint venture resulting from the joint venture will be as follows: 51% Shipyard 2 May and 49% Damen Shipyards Group.

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