Privatization-Driven Transformation of Romania’s Industrial Landscape
The chapter explores the privatization of state-owned companies from 1992 to 2015 and its impact on the industrial landscape. The authors focus on privatization’s results, which have been lower than expected, both in terms of revenues and contribution to industry restructuring, due to delays, poorly prepared offers for sale, intentional deterioration of companies’ financial situation in order to sell them, hostile takeovers and post-privatization significant diversion of the production or services activities performed before the change in ownership . The chapter concludes that finally, although many privatizations have proved successful—especially those made with the participation of strategic foreign investors, who hold a significant share in many industrial sectors—only one-fifth of all companies that have been privatized in Romania are still active.
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