Minoan Lines (Grimaldi Group) confirms its intention to obtain control of Hellenic Seaways

   The Greek shipping company Minoan Lines of the Neapolitan shipowning group Grimaldi has confirmed today its intention to acquire a majority stake in Hellenic Seaways (HSW), the shipping company that operates ferry services on the Greek domestic routes linking Crete, the Cyclades, Sporades and Saronic, with numerous services that converge on the port of Piraeus.

Yesterday Minoan Lines announced that it had acquired from Interamerican Group additional 3,037,000 shares of HSW, amounting to 3.91% of the share capital, paying more than 4.5 million euro, or 1.5 euro per share, and raising the its stake in Hellenic Seaways to 37.5% of the capital, just under 39.61% of Hellenic Seaways held by Piraeus Bank banking group.

Today, addressing the small and medium shareholders of HSW, Minoan has highlighted the ” great opportunity ‘their offering to sell 1.5 euro per share.

Highlighting the results achieved in recent years by Minoan Lines successfully tackling tough challenges during the extended period of the Greek economic crisis, during which the company has kept to a minimum losses, Minoan remarked that, “through philosophy focused on the development Motorways of the Sea in the Mediterranean, in the present circumstances the prospect of an acquisition of a majority stake in HSW by Minoan Lines appears to be one of the most important strategic initiatives for strengthening the maritime transport greek cabotiero, but above all – has specified the Grimaldi group company – as the best possible solution for the strategic development of HSW because the routes on which they operate both Minoan Lines (Heraklion-Piraeus and Greece-Italy) that HSW (Cyclades, Northern Aegean, Argosaronikos) integrate seamlessly , which allows the exploitation of the synergies that may arise. ”

Minoan also noted that the integration of HSW in Minoan Lines’ will lead to a successful restructuring of the greek cabotiero maritime transport by creating economies of scale and ensuring financial stability, by enhancing the quality of passenger services and partners at competitive prices and with the maintenance of all the maritime services unprofitable and the company’s entire sales network, while respecting the agreements in place with the Ministry of Merchant Marine and the Islands “.

The shipping company Grimaldi Group has also stressed that “the level of service offered to residents and tourists of the Greek islands will increase significantly with the adoption of the high management standards of Minoan Lines.”

Minoan also recalled that “on the basis of budget 2014 figures released, the financial position of HSW is considered particularly sensitive, which – noted the company – makes it absolutely necessary to the strengthening of the company with the use of new capital , in the current economic crisis, only a strong shareholder with a solid financial structure is able to offer. Moreover, the consistent presence of Minoan Lines in the HSW capital – said the company – will ensure the regularity of its activities, without interruption, and will safeguard so as to overcome the economic difficulties that may occur. “