Sale of strategic companies. Why George Simion's argument for the motion of no confidence is false

One of the main themes of the censure motion that AUR and PSD want to file against the Bolojan Government is the sale of some stakes in state companies. “We are submitting this motion to stop the sale of strategic assets of the Romanians”, claimed George Simion, the leader of the AUR. In reality, the Bolojan Government has not taken any decision related to any possible sale of shares.

In Monday's press conference where he spoke about the joint effort of PSD and AUR to file a no-confidence motion, George Simion repeated several times that the Bolojan Government wants to sell Hidoelectrica. “They have no right to sell Hidroelectrica, and we will do everything in our power to stop the sale of profitable strategic assets,” the AUR leader claimed.

In reality, the Bolojan Government has not taken any decision related to any possible sale of shares.

There are some proposals, not decisions, to list some minority packages, introduced in a government memo that was discussed by the PSD-PNL-USR-UDMR Government, a few days before the PSD withdrew its political support for Bolojan.

Listings, proposals in a document without legal force

None of the proposals aims to sell the companies so that the state loses control over them. They all refer to the sale of small stakes.

There are three recommended companies on the list: Hidroelectrica, with an additional stake of 5-7% of the shares, Romgaz, with a stake of 5-7% of the shares, and CEC Bank. Five others have objections and conditions: Transgaz, Constanța Port, Romanian Post, Salrom and Romarm.

All these proposals are contained in an information note without any legal power, drawn up by the office of Deputy Prime Minister Oana Gheorghiu.

How much would the state have if it sold 5%

As for Hidroelectrica, this company is already listed. Hidroelectrica's listing took place in 2023, being a success on the capital market. Since then, it has increased in value by over 40%.

At the moment, the state owns 80% of Hidroelectrica, the rest being on the stock market. If it were to sell a 5% stake, the Romanian state would remain with 75%, which gives it sufficient control.

Listing, unfulfilled government objective

Government representatives have stated on several occasions, recently, that there is no question of losing state control over strategic companies. They also stated that these are recommendations, not decisions.

“This listing, as it was presented in the public space, is a recommendation, not a decision already taken. It is a recommendation that will go through a series of stages, including an evaluation process. In general, such an approach can take about a year to complete. So there is no question that shares will be listed on the stock exchange tomorrow. It is a process, for now at the recommendation level, which involves decisions and evaluations,” said Ioana Ene Dogioiu, last week.

The listing of some shares was an objective of the government program, but also a milestone of the PNRR. This objective was not met.

“The listing on the stock exchange of some minority packages, without giving up the majority position of the state for public companies” is an objective passed in the 2025-2028 Governance Program. The document was written by the PSD-PNL-USR-UDMR Coalition in June 2025 when it took over the government.

The listing was also included in PNRR, in milestone 443. It provides for “at least 3 listed/leased/restructured state companies in the field of energy and transport”. That is, listing and / or reorganization of at least three companies. The deadline is August 2026 and has not been met.

What would be the advantages of stock market listings

The idea of ​​listing even minority stakes means more transparency. Once listed, a company is required by law to publish detailed quarterly and annual reports. Any major transaction or contract with the government must be explained to shareholders. This transparency reduces the risk of corruption or waste of public money.

Then, the stock exchange imposes strict corporate governance rules. Without a listing, we don't know exactly how much companies like CEC Bank or Salrom are worth. The exchange provides a daily market price.

In addition, listing also allows ordinary citizens to become “in deed” owners of state-owned companies by buying shares on the stock exchange. Thus, upon a sale of minority stakes, the state remains in control of the company.