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ANEK Acquires Control of Hellenic Seaways For 125 Million Euro

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ANEK Lines announced the purchase of Minoan Lines 33,35% stake in Hellenic Seaways, for the price of 125 million euro (equal to 4,81-4,84 euro per share), payable with partial payments until the end of 2012, confirming earlier story published by Capital.gr.

Minoan Lines official announcement states:

In accordance with law 3340/2005 and the decisions 3/347/2005 and 5/204/200 of the H.C.M.C. Board of Directors and further to the announcement on May 11, 2009, Minoan Lines announces that has entered into an agreement with the company ANEK Lines S.A. for the sale of its whole participation in the company Hellenic Seaways S.A. (33.35% on its share capital) at a total price of 125 million Euro. The said amount will be paid in installments until the 4th quarter of the year 2012 when the agreement will be completed.

The Board of Directors authorized some of its members for the completion and signature of the agreement which is expected to be concluded within the next few days and it will be, among others, subject to the approval by the Hellenic Competition Commission.

The company, following to the signature of the final agreement and in accordance with the Athens Stock Exchange regulation, will promptly inform the investment public.

This deal is expected to change once again the balance of the Greek cabotage.

Cyprus based Sea Star Capital of Giannis Vardinogiannis, who is also the primary shareholder of ANEK, now fully controls HSW by owning almost 70% of its equity capital. Sea Star had also bought 34,7% of HSW from Greek shipowner Panos Laskaridis for 155 million euro (5,75 euro per share) in December 2007 and some months later Sea Star controlled 36,5% of HSW by buying shares from NEL at 4 euro per share.

Minoan Lines agreed to sell their stake by accepting partial payments since decisions on HSW were taken by ANEK, thus downrating Minoans participation. Italian shipowner Em. Grimaldi, having already stated that he is not interested to invest in a company other than Minoan Lines and since the group is now focused on international shipping routes, had no choice but to liquidate the participation of HSW.

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