Rheinmetall acquires Mangalia Shipyard for €138 million

The German defense company Rheinmetall Real Estate România SRL has won the auction to acquire the Mangalia Shipyard for €138 million, excluding VAT. The transaction, managed by liquidator CITR, follows four previous failed bidding attempts. The acquisition is part of the Romanian government’s SAFE Program, which aims to transform the shipyard into a strategic European center for military naval construction and reindustrialize the national defense sector.

Despite the auction result, the deal faces regulatory hurdles as Rheinmetall has not yet officially notified the Romanian Competition Council or the Commission for the Examination of Direct Investments (CEID). Completion of the transaction is contingent upon receiving these mandatory approvals.

The sale has triggered significant political controversy in Romania. Former Prime Minister Victor Ponta and other officials have criticized the deal, arguing that the Romanian state, which held a 51% stake, will not receive direct proceeds from the €138 million payment, as the funds are directed to the liquidator and the Dutch company Damen, which held 49%. Critics have also compared the shipyard's sale price unfavorably to the market value of high-profile athletes, questioning the strategic value preserved by the transaction.