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Property Fund gives up trial against Romanian Post

Wednesday, January 10, 2018

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Property Fund gave up the court action against the Romanian Post National Company, which had contested the replacement of the last three members of the Administration Board appointed according to the law on corporate rule, the company announced on Monday. Property Fund sued the Romanian Post in October because it had replaced three members of the Administration Board, but the Romanian Post won the case with its minority ...

Competition Council fines 12 companies on the market of car batteries by over EUR 730,000

Wednesday, January 10, 2018

The Competition Council has fined 12 companies on the market for the production, distribution and commercialization of car batteries (1 producer and 11 distributors) by RON 3,291,715 (about EUR 731,492), the competition authority has announced on Tuesday, romaniajournal.ro reads. The Council says that it found out that anticompetitive agreements were concluded to establish the resale price of the products during 2008-2013, between the producer ROMBAT ...

PHI Group to build industrial park, clean energy power plant and greenhouses in Transylvania

Wednesday, January 10, 2018

PHI Group, a US company focused on mergers and acquisitions and investments in natural resources, energy, agriculture and special situations, has signed a Memorandum of Understanding (MOU) with a Romanian company to build an industrial park, clean energy power plant and greenhouse facilities for organic agriculture and medicinal plants in Transylvania, a press release informs, romaniajournal.ro reports. “We are excited to work ...

Damen Shipyards Galati to build a marine aggregate dredger for CEMEX UK Marine

Wednesday, January 10, 2018

Romania’s Damen Shipyards Galati, the largest of Damen Shipyards Group’s 32 shipyards, will build marine aggregate dredger – MAD for CEMEX UK Marine Limited, a press release informs, romaniajournal.ro reads. The vessel built in Romania is designed to extract sand and gravel from the sea bed up to depths of 55 metres, including in the challenging conditions experienced in the North Sea. With a specific lock ...

Market capitalization of Romanian companies up 20 pct to around EUR 20 bln in 2017

Wednesday, January 10, 2018

The market capitalization of Romanian companies went up by 20 percent to around EUR 20 billion in 2017, while the main market for shares recorded a record capitalization of EUR 35.5 billion, said Lucian Anghel, the president of the Bucharest Stock Exchange (BVB). Moreover, the total value of transactions recorded on the BVB was up by 24 percent to EUR 3 billion in 2017 versus 2016. “2017 was a good year (…) We have ...

Microsoft looking to lease 20,000 sqm in Bucharest

Wednesday, January 10, 2018

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U.S. tech group Microsoft is looking to lease some 20,000 sqm of modern office space in Bucharest, where it plans to consolidate its local operations, according to sources in the real estate market cited by ...

Bank Leumi agrees in principle to sell Romanian unit to Argo Capital Management

Wednesday, January 10, 2018

Israel's Bank Leumi said on Wednesday that it has signed an agreement in principle for the sale of its 99.91% stake in its Romanian subsidiary to British investment fund Argo Capital Management, seenews.com informs.The decision is part of a strategy concentrating international operations in major financial centres through the bank's subsidiaries in the United States and the UK, Bank Leumi said in a statement filed to the Tel Aviv Stock Exchange ...

Swiss group buys two aluminum casting factories in Romania

Wednesday, January 10, 2018

Swiss group Georg Fischer, an important supplier of automotive components, has signed the acquisition of Eucasting Ro, the local subsidiary of Italian group Eucasting, ...

Engie Romania to acquire 262 cars worth close to EUR 3.6 mln from Renault Commercial Roumanie

Wednesday, January 10, 2018

Engie Romania, one of the two big gas suppliers in Romania, will acquire 262 cars worth close to EUR 3.6 million, without VAT, from Renault Commercial Roumanie for its own fleet, business-review.eu informs. Renault submitted the only offer of Engie at the organized auction, which initially estimated the contract close to EUR 3.86 million. The contract was closed for one year period. In the ...

2017 transactions: M&A market crossed 3 billion euro threshold

Wednesday, January 3, 2018

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For each economic sector, 2017 was the year when there were transactions - mergers and acquisitions (M&A) of hundreds of million euros which meant sometimes historic records. Names like Bitdefender, Sensiblu, Romanian Bank or Polisano changed their owners that year. The latest studies about mergers and acquisitions this year show that the market crossed the 3 billion euro threshold, the total value being three times higher than  in 2016, with ...

Vodafone Romania appoints Mostafa El Beltagy as CBU director starting March 2018

Wednesday, January 3, 2018

Mostafa El Beltagy, currently head of Vodafone Group Marketing Global Projects, will take over the role of Vodafone Romania’s Consumer Business Unit director starting March 2018, business-review.eu informs. He is replacing Andrea Rossini, who will be appointed Vodafone Italy’s Consumer Digital director. El Beltagy joined Vodafone in 2009 and held various management roles in prepaid, both segment and marketing, in ...

Iveco signs contract with Romania for 173 military trucks

Wednesday, January 3, 2018

Iveco Defence Vehicles (Iveco DV) announces that on December 19, 2017 the company signed a contract with the Romanian Ministry of National Defence for the delivery of 173 military logistic vehicles, to be completed within 2018. This is further testament to Iveco DV’s leadership in technical and economic terms, armyrecognition.com reads. The contract encompasses purpose designed 6x6 military logistic vehicles from Iveco DV’s ...

Reuters: Penta’s Dr.Max pharmacy chain buys Romania’s A&D Pharma

Wednesday, January 3, 2018

Central and eastern European pharmacy chain Dr.Max, owned by Penta Investments, has agreed to acquire Romania’s A&D Pharma Group to become the biggest operator in the country, Penta said on Thursday quoted by Reuters correspondent. A&D Pharma owns the Sensiblu and Punkt pharmacy networks, Mediplus wholesale and a marketing and sales ...

Piper Aircraft's dealer expands services in Bulgaria, Romania

Wednesday, January 3, 2018

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U.S.-based aircraft manufacturer Piper Aircraft said that its dealer company OK Aviation Sales has expanded its services to Bulgaria and Romania, seenews.com informs. "This latest expansion of our territory provides OK Aviation with the opportunity to communicate the benefits of Piper’s wide range of products to prospective owners in Bulgaria and Romania," OK Aviation CEO Lubomir Cornak said in the statement. OK Aviation ...

AFI Europe Romania's gets 22 mln euro loan from Bank Leumi Romania

Wednesday, January 3, 2018

Real estate developer AFI Europe Romania said on Wednesday it has signed a financing agreement worth 22 million euro ($25.9 million) with Bank Leumi Romania for the development of phase 1 of AFI Tech Park, its newest business park, seenews.com reports. Construction works for AFI Tech Park are advancing on schedule, as the skeleton structure has already been completed, AFI Europe Romania said in a press release. The total ...

Competition Council Oks the OTP Bank – Banca Romaneasca transaction

Wednesday, January 3, 2018

The Competition Council authorized the operation through which OTP Bank Romania acquired Banca Romaneasca and some of its Romanian assets, a press release informs quoted by romaniajournal.ro. ”The Competition Council’s analysis has led to the conclusion that the economic concentration operation does not raise significant obstacles to effective competition on the domestic market or on part thereof,” the release also ...

Turkish supplier of Arctic to invest EUR 50 mln in plant in Romania

Wednesday, January 3, 2018

Turkish group Akim Metal will open a factory in Vacaresti, Dambovita county, which will supply components for the Arctic washing machines produced by the Turkish group Arçelik in Romania. The investment is estimated at EUR 50 million, reports ...

Romanian airline Blue Air opens subsidiary in Czech Republic

Wednesday, January 3, 2018

Romanian low-cost operator Blue Air, the second largest airline in Romania after Wizz Air, will expand in the region by opening a subsidiary in Brno, in the South Moravia region of the Czech Republic. The company will operate seven flights from the Czech city, with the first flights being launched at the end of March, reports ...

Alstom awarded Romanian upgrading contract

Wednesday, January 3, 2018

 As part of the Asocierea RailWorks consortium with Aktor and Arcada, Alstom has been awarded a €40m contract to undertake electrification and resignalling for the modernisation of the 22 km Ilteu – Gurasada section of the Rhine – Danube Corridor in western Romania, railwaygazette.com informs. ‘Alstom teams are going to implement ERTMS Level 2 signalling systems, including GSM-R and electronic interlocking, as well as ...

Lidl Romania reaches 220 stores in 2017

Wednesday, January 3, 2018

Lidl is consolidating its position on the Romanian market, having opened over 15 stores this year, in cities like Timisoara or Bucharest, but also in smaller towns like Calarasi or Valenii de Munte, business-review.eu informs. The last two openings programmed for this year will take place on December 21, in Constanta and Tulcea. By the end of 2017, Lidl will have 220 stores open in Romania. Each new Lidl unit carries out the ...

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