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Oct 25
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Moby And Tirrenia Merger Approved By Extraordinary Shareholders’ Meetings

By | 2018 Newsletter week 43 | No Comments

The announced merger of the two Italian ferry companies Moby and Tirrenia received the green light from the company’s shareholders.

A statement published on the Luxembourg stock exchange’s website, the group controlled by Vincenzo Onorato says:

“Extraordinary Shareholders’ meetings of Moby S.p.A. (Moby) and of its wholly-owned subsidiary Compagnia Italiana di Navigazione S.p.A. (CIN), both held on 17 October 2018, have passed resolutions approving the reverse-merger project which provides for the merger of Moby into CIN. The reverse merger will be effective as from the date in which the last filing pursuant to Article 2504 of the Italian Civil Code will be made or from any other date stated in the deed of merger.”

The headquarters of the group is expected to be moved back from Milan to Cagliari, in Sardinia.

Oct 04
1

Tirrenia Puts Up For Sale The Veteran Ferry AURELIA

By | 2018 Newsletter week 40 | No Comments

Few days after revealing the attempt to sell and charter back three modern ferries (SHARDEN, BITHIA and JANAS) with a Japanese financial partner, Mauro Pili, former president of the Sardinia region, informed the general public that Tirrenia decided to put up for sale the aged ferry AURELIA.

The vessel is currently chartered out to SNAV and deployed on the Ancona-Split.

Mauro Pili posted a copy of the email circulated on the market by the Naples-based shipbroker Unitramp in which all the technical details of the ship are reported.

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Sep 20
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Tirrenia Negotiating A Sale And Charter Back For Three Ferries, According To Sardinia Region’s Former President Mauro Pili

By | 2018 Newsletter week 38 | No Comments

Tirrenia is reported to be in negotiation with a Japanese counterpart, for a sale and charter back deal regarding its three most modern ferries SHARDEN, BITHIA and JANA.

Source: Mauro Pili, Sardinia region’s former president, in a post on Facebook.

Mauro Pili also said that the price for the three vessels should be €210m. However, he opposed the sale, since they are part of the public service contract for Sardinia, signed by Tirrenia with the Italian state.

Tirrenia immediately sued Mauro Pili, seeking compensatory damages totalling €210m for slander.

In order to defend the company’s reputation, as for the sale of the three ferries, Vincenzo Onorato’s group repeated what was communicated to investor relations one year ago. After Debtwire reported that Moby was considering options to sale and leaseback four vessels with a US institutional investment fund, the Italian ferry group said a in a statement: “It’s part of the ordinary course of Moby’s business to analyze, consider and implement the sale or acquisition of vessels. In this context, we are periodically in discussion with third parties with respect to such transactions. We publicly announce and comment on material transactions for the sale and acquisitions of vessels when we enter into definitive and binding agreements”.

Photo and words by Nicola Capuzzo

Mar 29
0

IN THE MEDIA

By | 2018 Newsletter Week 12&13 | No Comments

Italian Anti-trust authority says two ferry companies hindered competition

Italian Anti-Trust Authority has fined two Onorato Group companies, Moby and Tirrenia, for abusing their dominant position in Sardinia, writes Infomarine.net.
The investigation followed a complaint filed by Trans-Isole, Grimaldi, Grendi and Lucianu.