Damen Seeks Remaining Shares In Romanian Shipyard

Tuesday, March 14, 2000
Dutch firm Damen Shipyards Group has announced plans to buy the remaining shares it does not already own in Romanian shipyard Santierul Naval Galati and to delist it from the RASDAQ over-the-counter market. Damen reportedly offered $612,400 for 5.107 percent in the shipyard. Last March, Damen Shipyards Group bought a 51 percent stake in the shipyard from the country's main privatization agency, the FPS. Last November, it acquired a further 43.89 percent at a public tender offer. The 5.107 stake is held by individual shareholders. Damen plans to restructure the shipyard and has not ruled out staff cuts after the takeover. Damen also plans to increase the shipyard's share capital through contributions in cash and kind.

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