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European Commission approves Vodafone’s takeover of UPC

Wednesday, July 24, 2019

The European Commission approved a USD 21.8 billion (EUR 18.6 billion) transaction in which the British mobile operator Vodafone Group Plc will take over the cable operations of Liberty Global Plc in the Czech Republic, Germany, Hungary and Romania. The EU executive underlines that its approval is conditional on full compliance with the commitments offered by Vodafone. “In a modern society, access to cheap and ...

ONRC: Numer of dissolved companies down 10.47pct in Q1 2019

Wednesday, July 24, 2019

The number of dissolved companies went down in the first quarter of 2019 by 10.47 per cent, compared with the same period last year, to 16,626 units, against the 18,570 companies that went into dissolution in 2018, according to data centralized by the National Trade Register Office (ONRC).Most company dissolutions were recorded in Bucharest - 2,892 companies (down 23.02 per cent against the first six months in 2018) and in Constanta county - 812 (plus 0.87 per ...

Telekom Romania to lay off almost 700 employees in restructuring process

Wednesday, July 24, 2019

Telekom Romania Group has announced that it would lay off 692 of its 5,831 employees, expanding a restructuring process which it started two years ago, due to lower revenues and record losses and debts recorded in 2018. The announcement comes in the context of a planned sale of Telekom Romania’s ...

ONRC: Six-month business dissolutions at 67,807, up 62.42 pct YoY

Wednesday, July 24, 2019

Business dissolutions in the first six months of the year were up 62.42 percent YoY at 67,807, according to statistical data released on the website of the National Trade Register Office (ONRC).Bucharest tops the list with most company dissolutions - 7,383 (by 13.72 pct more compared to the interval January - June 2018), followed by the counties of Iasi - 3,861 (+128.87 pct), Maramures - 2,640 (+158.32 pct) and Bacau - 2,523 (plus 110.25 ...

Competition Council authorized takeover of Arcon Membrane by Sika Romania

Wednesday, July 17, 2019

The Competition Council announced it had authorized the transaction by which Sika Romania, the manufacturer of building materials took over Arcon Membrane company. In December 2018, Sika announced the takeover of Arcon Membrane. “Following an analysis, the Competition Council decided the operation  did not raise significant obstacles for competition in the Romanian market and there are no serious doubts about its ...

Chinese company will open furniture factory in Deva

Wednesday, July 17, 2019

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A Chinese company, UE Furniture, will open a furniture factory in Deva, where they will manufacture office chairs and sofas for the European market. A memorandum was signed by the local authority and representatives of the foreign company to ensure administrative support needed to carry out the investment. According to Florin Oancea, the mayor of Deva, the factory will stretch  on an area of 40,000 square meters, while manufacture is estimated to ...

TELUS International continues to grow in Bucharest 

Wednesday, July 17, 2019

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 In order to support the extensive hiring planned for TELUS International in Bucharest this year, the company has acquired 1,200 sqm more space, in addition to the 8,800 sqm office space it has in AFI Park, the company informs.  TELUS International’s Make Your ...

Cramele Recas recorded a turnover of EUR 38 million in 2018

Wednesday, July 17, 2019

Cramele Recas, a company established in 1991 and one of the first Romanian producers to focus on dry and modern wines, reached a turnover of over EUR 38 million (RON 180,981,438) last year, which ranks it first on the wine market in Romania. In addition, Recas performs abroad, being the largest exporter of wines in our country. At present, 50 percent of the wine is for export, mostly in countries with mature wine consumption markets: England, Germany, Sweden, the United ...

Local business owners pooling money for startup investments

Wednesday, July 17, 2019

Romanian business owners are beginning to create their own investment funds to target domestic startups, with starting capital running into the tens of millions of euros. While local investors can fill a funding gap for early-stage companies, their familiarity with the way business is done in Romania might provide an advantage over traditional international players in the venture capital and private equity markets, say commentators. Seeing established ...

OTP Bank Romania head plans to increase market share by focusing on SMEs

Wednesday, July 17, 2019

Gyula Fater, the new head of OTP Bank Romania, plans to increase the market share of the bank up to 5 percent on long-term by focusing on lending to small and medium enterprises (SME), according to Ziarul ...

EIF, ProCredit to provide EUR 800 mln in additional support for innovative SMEs in 11 countries, including Romania

Wednesday, July 17, 2019

The European Investment Fund (EIF) and ProCredit Group have announced that they would provide an additional EUR 800 million to innovative small and medium-sized companies (SMEs), bringing a total of EUR 1.62 billion to companies in eleven countries: Albania, Bosnia and Herzegovina, Bulgaria, Georgia, Germany, Greece, Moldova, the Republic of North Macedonia, Romania, Serbia and Ukraine. The EIF-backed financing is now available through ProCredit banks ...

ONRC: Number of insolvencies down by 28.76 per cent in Q1 2019, to 3,196

Wednesday, July 17, 2019

The number of companies and certified natural persons facing insolvency went down by 28.76 per cent in the first quarter of this year, compared with the same period last year, to 3,196, according to data released by the National Trade Register Office (ONRC).Most companies and certified natural persons facing insolvency were recorded in Bucharest, 551 respectively, down by 38.57 per cent, compared with the same period of 2018, followed by the Bihor County - 240 ...

LafargeHolcim to acquire Somaco

Wednesday, July 17, 2019

LafargeHolcim, the leading player on the global construction materials market, has signed an agreement with ORESA for the acquisition of Somaco, one of Romania’s leading precast concrete producers. The transaction will allow LafargeHolcim to develop its position on the Romanian building materials market, where the company is already present in the cement, ready-mix concrete and aggregates segments, according to a statement by the ...

AFI Europe concludes pre-sales agreement for the purchase of the majority stake în Casa Radio Project

Wednesday, July 17, 2019

AFI Europe N.V. announces that it has signed a pre-sale agreement with Plaza Centers N.V. for the acquisition of 75% of the shares in the Casa Radio Project, for the price of ...

Romania posts the second lowest number of active companies in Europe

Wednesday, July 17, 2019

Romania has the second lowest number of active companies per thousand inhabitants in Europe, according an analysis of the financial-banking analysts in Romania. Overall, there are 500,000 active companies on the local market, with their number being relatively constant despite the economic growth in the past decade. Moreover, out of the total 500,000 firms, only 1,000 of them are concentrating about a half of the incomes ...

Competition Council analyzes takeover of Electroplast by Roca Platform

Wednesday, July 10, 2019

The Competition Council announced on this Tuesday that it was analyzing the transaction by which Roca Platform company, specialized in services for revitalization of Romanian business, took over the Romanian electric cable manufacturer Electroplast. At the end of June, Roca announced it had become the largest shareholder of Electroplast. “According to provisions of the Competition Law (no.21/1996), this operation is an economic concentration which exceeds value ...

iHunt Technology Import Export Ploiesti to list on the Bucharest Stock Exchange Aero Market

Wednesday, July 10, 2019

iHunt Technology Import Export Ploiesti, a mobile phone producer and importer, will list on the Aero market of the Bucharest Stock Exchange on Tuesday, thus becoming the first mobile phone online retailer and producer to list on the BVB. iHunt began its activity in 2015 with two employees, and by the end of 2018 it had reached 25 employees and a turnover of RON 24 million. “The company’s strategic objective is to become the largest direct importer of Chinese ...

Damen challenges auction on Multi-Functional Corvettes Programme

Wednesday, July 10, 2019

Dutch Damen has filed a complaint to the National Council for Solving Complaints, challenging the procurement on assigning the multi-functional corvettes programme to French Naval Group, and denouncing ...

Deloitte: The M&A Market regained its pace in the second Quarter of 2019

Wednesday, July 10, 2019

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The mergers and acquisitions market in Romania revealed a significant growth in the second quarter of the year, compared to the first quarter and to the same period in 2018 as well. According to Deloitte estimates, the total market value, including transactions with undisclosed value, has been between EUR 1.4 and 1.6 billion, while the value of disclosed transactions reached around EUR 790 million. “In the mergers and acquisitions market, the second quarter of the year has ...

Minister Oprea: Start-up Nation program has positively changed the mentality about entrepreneurs

Wednesday, July 10, 2019

The Start-Up Nation program and the success story of certain companies have changed the society's mentality about entrepreneurs, who were so far perceived as offenders, Minister for the Business Environment, Commerce and Entrepreneurship Stefan Oprea said on Monday, as he attended the opening of the Commercial Diplomacy Days, an event organized by the Ministry for the Business Environment, Commerce and Entrepreneurship in partnership with the Bucharest University of Economic Studies (ASE) ...

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