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Mangalia Shipyard: Agreement between Ministry of Economy and Damen. Dutch buy Daewoo shares, give state 2%

de Razvan Diaconu , 26.3.2018

The state has reached an agreement with Damen Shipyards Group after blocking for several months the takeover by Dutch company of Daewoo’s shares at Mangalia Shipyard, claiming that it wants to exercise its pre-emptive right.

For the first time since the Revolution, a press release from the Ministry of Economy states, the state takes control of a privatized strategic industrial asset.

Agreement reached

  • the state waives the pre-emptive right to acquire the stake owned by Daewoo Shipbuilding & Marine Engineering at Daewoo Mangalia Heavy Industries
  • Damen Shipyards Group will assign, for free, 2% of the 51% stake taken over from South Koreans to 2 May Shipyard
  • future shareholder: 51% of the shares will be owned by 2 Mai Shipyard S.A. (a state-owned company) and 49% by Damen Shipyards Group.

What’s next

  • Damen will send a firm offer on Thursday
  • on March 29, the Government will approve the memorandum of the acquisition by Damen of Mangalia Shipyard
  • Extraordinary General Shareholders Meeting of SN 2 Mai SA Mangalia will be held on March 30 and start discussions on drafting the articles of association of the joint venture

The agreement between Daewoo and Damen for the sale of the majority stake has been reached last year, in exchange for about USD 26 million. The transaction was already foreseeable in 2016 following Daewoo’s international division’s restructuring, but it has been postponed until now, when the Government gave its consent, provided the above (the assignment of the 2% stake).

At Mangalia, 127 oil tankers and container vessels have been built since the establishment of the shipyard, and more than 300 ships have been repaired.

The Dutch also own the shipyard in Galati. It is one of the most active within Damen Shipyards Group, the largest shipbuilding company in the Netherlands. Various types of ships, including military, were built here.

In January this year, former Prime Minister Mihai Tudose announced the opening of the procedure for pre-emptive right at Mangalia:

We tried, and we seem to succeed. To redeem 51% of the shares that Daewoo owns at the shipyard and we announced that we shall exercise the pre-emption right for the sale.

And we found together with specialists of Justice and Finance ministries that the Romanian state does not know how to do this. For a week, we were struggling to see how the Romanian state can buy shares, to have a shipyard. I tell you we take it. We will have a state-owned shipyard.”

Stake and perhaps element that convinced Damen to accept this deal: building multifunctional corvettes

Last year, former Defence Minister Gabriel Les announced that the four corvettes necessary for the endowment of the Romanian Army would be built in Romania, but not in Galati.

In February this year, the Government approved the “Multifunctional corvette” program, the first of these ships to be built and equipped within three years since the signing of the first subsequent contract under the framework agreement/multi-annual contract, and depending on budget allocations, the program to be completed in maximum seven years.

As established, they will be built in Romania and, after Damen and the state have reached an agreement on Mangalia Shipyard, it is most likely for them to be built here.

Daewoo shipyard in Mangalia was established in 1997 as a joint venture between Daewoo and 2 Mai Mangalia Shipyard. It has an area of 980,000 square meters, three dryers with a total length of 982 meters and a fastening space of 1.6 kilometres.

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