This opinion was formulated by the Plenum of the Competition Council, which commented on the relevant amendment to the Law on State Budget-2026. “In case of its adoption, this transaction on acquisition of control by an incumbent state-owned enterprise may constitute a notifiable economic concentration transaction if the threshold criteria are met,” the Plenum’s decision reads.
The opinion refers to an important aspect of the management and “pre-sale preparation” of assets. Buying at market price ensures that it will not be seen as a subsidy or illegal support from the state, which could violate EU competition rules. After all, “the port is a strategic object and its land remains state-owned, despite negotiations on the sale”.
When transferring strategic assets under state control, especially in the context of European integration, the acquisition by the state of shares in a private company (including the Giurgiulesti port) must comply with the Market Economy Investor Principle, the supervisory authority said.
If a state-owned company buys shares at the market price, it is not considered state aid, as the transaction is made under the same conditions as a private investor would have done it under normal conditions of competition, the Plenum said in its decision.
If the price is below market value, the transaction may be considered as a forced withdrawal or expropriation, which violates investors’ rights and international agreements on investment protection. The market value in such cases is usually confirmed by an independent international audit.
