Italian group wants to manage Romania's Mangalia shipyard

Italian group Fincatieri, one of the biggest shipbuilders in the world, has sent the Romanian Government an offer to take over the operational management of the Mangalia shipyard, local Profit.ro reported. The offer also includes a clause that allows the Italian group to buy the Romanian state’s 49% stake in the shipyard. Fincatieri also controls Norwegian group Vard, which owns the Braila and Tulcea shipyards in Romania. The government recently blocked the sale of a 51% stake in the Mangalia shipyard to Dutch group Damen. South Korean group Daewoo, which currently owns that stake has been looking for an exit. At the end of last year, Daewoo signed the sale of its stake in the shipyard to Damen for some USD 26 million and the deal was approved by Romania’s Competition Council. However, the Mihai Tudose government blocked the deal announcing that the state was interested in buying that stake. Fincatieri, which is controlled by the Italian government, has offered to coordinate the shipyard and include it in its network. editor@romania-insider.com