Damen pays less than estimated for Mangalia shipyard

Dutch group Damen Shipyards Group, which holds the majority stake in the Damen Galati shipyard, has paid almost USD 26 million to acquire the majority stake in the Daewoo shipyard in Mangalia, about half the estimated price, reports Profit.ro. Damen signed the agreement with South-Korean shipbuilder Daewoo Shipbuilding & Marine Engineering (DSME) on Friday to buy the 51% stake in the Mangalia shipyard, the largest one in Romania. DSME officials have announced that the deal amounts to about 29 billion won (USD 25.9 million), South Korean Maeil Business Newspaper writes. The amount is below the previously estimated amount of 50-80 billion won (USD 43.5-69.6 million). DSME estimates that the transaction will be completed by November 29. The South Korean group began talks to sell the Mangalia shipyard last year as part of its efforts to restructure international operations. Dutch group buys larger ship builder competitor in Romania editor@romania-insider.com