Review of state ownership in economies across Spain, Czechia, Austria, Lithuania, Bulgaria, and Romania.
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Journalists from several European countries reviewed various ways the state participates directly in the economy as an owner. In Romania, the government owns a total of 1,735 companies, with 1,421 being active; 436 are under central authority. Spain’s state has fluctuated its involvement, moving from significant ownership to a residual role before increasing participation again in strategic sectors like telecommunications and defense through SEPI, which manages holdings in numerous major companies. In Czechia, the state controls many key entities, with ÄŒEZ being the only large, highly significant state-owned enterprise whose shares are traded on the stock exchange; there is ongoing debate regarding the privatization of commercial enterprises like Budvar beer. Austria utilizes ÖBAG as a central holding company managing partial state ownership in major sectors such as energy and telecommunications, shifting its focus from reduction to active management. Lithuania uses the stock market to enforce transparency while maintaining control over strategic companies through listings. Bulgaria has three main state conglomerates—one for energy, one covering defense and food production, and another for transport—with the state remaining reluctant to dilute control over strategic assets like energy. Romania’s state holds dominant shares in sectors such as energy, transport, defense, and finance, with only ten state-controlled companies listed on the stock exchange; a recent government note suggested exploring minority stake sales in entities like Hidroelectrica and Romgaz, while also allowing the state to potentially reacquire stakes in struggling private companies.
