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Major deal in Romanian industry: Dutch Damen, ready to buy Daewoo Mangalia shipyard

Gov’t approves draft emergency ordinance allowing minority shareholder Damen to take over the management of Mangalia Shipyard

The Government approved on Tuesday a draft emergency ordinance allowing an exception from the current legal framework on corporate governance for companies having the state regaining the majority shareholder status after being minority shareholder. Actually, according to the document, the state, as majority shareholder, can grant the management of the company to the minority shareholder, if the latter has the technical and financial capability. It is the case of Mangalia Shipyard, where the state has become majority shareholder with 51% following the Damen Shipyards Group decision to yield 2% of the shares.

The Economy Ministry argued that the GEO approved on Tuesday is to cover the incomplete legislation.

The normative act allows the granting of the company’s management to the private shareholder, after an analysis completed by the General Assembly of Shareholders. The first condition is that the state becomes majority shareholder after being minority shareholder. The second condition is that the private shareholder has the technical and financial capability to develop the company.

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