Exactly one month after the deposit of the participation guarantee and the awarding of the sale auction of the Mangalia Shipyard, Rheinmetall paid on Monday, November 9, the remaining 90% of the price, namely 124.2 million euros. In total, the German group paid 138 million euros, and the sale-purchase contract was signed.
This is the largest transaction ever made in Romania for a company in insolvency or bankruptcy, states CITR, the judicial liquidator of the Mangalia Shipyard.
"Please note that we do not comment on ongoing procedures. Thank you for your understanding," Rheinmetall said in response to a request made on Monday by News.ro regarding details related to the completion of the transaction.
When the sale is officially completed
The actual transfer of ownership rights will take place after all the conditions stipulated in the sales process are met, specifically after obtaining the permits, authorizations, and approvals required by law for transactions of such strategic importance, the liquidator mentioned.
"This development paves the way for the completion of the transfer and creates the premises for the revitalization of industrial activity on the Mangalia platform," CITR representatives further stated.
Persons familiar with the transaction told News.ro that it was made conditionally, in an escrow account. This is a special and temporary bank account managed by a neutral third party (usually a bank or an authorized agent), where the money is deposited and blocked until strict conditions in a contract are fulfilled.
The required condition is related to obtaining all the necessary permits for proper operation, including those from the Competition Council, Environment, Romanian Waters, Labor Inspectorate (ITM), ISCIR, etc.
The shipyard was saved from bankruptcy
The Damen Mangalia shipyard, one of the largest in Europe, was sold on Friday, October 9 to the German group Rheinmetall, one of the most important European producers of weapons and military equipment.
The final price of 138 million euros represents 75% of the initially established market value of 184 million euros. In previous auctions, the shipyard was put up for sale at this value, but the price was later reduced by approximately 46 million euros.
Radu Miruță, Minister of Defense and former Minister of Economy, states that the shipyard was "officially saved" and reveals that before taking over the leadership of the Ministry of Economy, an offer of only 10 million euros had been proposed.
The main creditor of Damen Mangalia, Damen Holding BV, contested the decision that allowed the modification of the shipyard's sales procedure, with a decision expected on December 11 at the Constanța Court of Appeal.
Expansion and modernization to follow
The transaction opens the prospect of resuming the shipyard's activity, which went bankrupt in the spring of this year. The acquisition of the shipyard comes as the Rheinmetall group expands its activity in Romania's defense industry. According to Ziarul Financiar, the German company won a contract worth approximately 920 million euros to build four military ships for the Romanian Army. The ships are to be built in Mangalia, within projects financed through the European SAFE program.
Rheinmetall intends to transform the Mangalia shipyard into a dual-use shipbuilding center, both civilian and military, aimed at both the Romanian and international markets. The two types of activities will run in parallel, in separate sectors, with distinct security zones.
Andre Neumann, sales director of Rheinmetall's Naval Systems Division, stated, however, that the shipyard is not functional and requires investments, as well as hiring personnel, which means that reactivation will take some time.
T.D.