The Government of Romania, through its seaport company Administratia Porturilor Maritime (CNAMP), is close to buying Moldova’s largest port, Giurgiulesti (PILG), from the European Bank for Reconstruction and Development (EBRD), announced Romania’s Minister of Transport, Ciprian Șerban, speaking for DC News on November 7.
Technically, the target is Danube Logistics (Moldova), PILG’s operator under an investment contract sealed in 2004 with the Moldovan authorities.
“We are the winners and we are going to have a discussion next week with the [Moldovan] Minister of Transport, Vladimir Bolea,” said minister Șerban.
There are, however, several conditions that the authorities of the Republic of Moldova must meet before the PILG takeover, Șerban said, without providing further details. Currently, Danube Logistics, 100% indirectly owned by the EBRD, operates the Giurgiulesti International Free Port under a 99-year concession agreement, but the special “international free port” regime expires in 2030.
“They are open and will make this change [will extend the special regime] as soon as possible,” Șerban said.
To smooth the deal, the Romanian Government is ready to buy the 20% stake Fondul Proprietatea (FP) holds in CNAMP, the minister said. FP challenged in court CNAMP’s planned takeover, saying that the transaction has a number of financial, economic, and environmental risks, and that the assessments regarding the possible profit would be “overly optimistic”, as they are not based on a detailed strategic analysis, according to Europa Liberă.
“I see it as much more viable to approach Proprietatea and buy the 20% at ‘inventory price’ [book value], and possibly list 10% later. This would bring the state a profit of RON 1.5 – 2 billion [EUR 300-400mn],” stated Ciprian Șerban.
It remains unclear why FP, which has constantly advocated for CNAMP’s listing on the Bucharest Stock Exchange and against the company’s poor management, would accept such a deal. FP has challenged CNAPM’s offer for Danube Logistics in court, and the case is not closed yet.
The minister stated that there was an informal, preliminary discussion with the prime minister about such plans to buy out FP from CNAMP, and he is going to draft a formal proposal and submit it. Such an agreement would unblock the deal.
The EBRD has not officially announced yet an outcome of the “structured mergers and acquisitions (M&A) process through an international tender” initiated in April 2025, to identify potential strategic and financial investors who can further support the successful long-term development of the strategic asset for Moldova.”
Romania thus continues negotiations with the EBRD regarding the acquisition of PILG.
Bucharest’s offer amounts to about EUR 88 million, including EUR 60 million for the acquisition and EUR 28 million in investments. CNAMP has already received approval from the Moldovan government to acquire Danube Logistics, according to a press release issued by the executive in Chisinau on July 11.
On the side of Moldova, there are some possible legal complications as well. Danube Logistics (Moldova) was taken over by EBRD in 2021 through an offshore intermediary from a former EBRD banker (Thomas Moser), who, in turn, took it over from the initial investor, Rafiq Aliyev. The latter obtained a court order against Moser, freezing Danube Logistics’ assets for compensation – a case that has not yet received a final resolution in Moldova. President Maia Sandu, at some point, promised that no deal would be sealed before a final court ruling.
(Photo: Ebrd.com)
iulian@romania-insider.com
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