Control of Hellenic Seaways (HSW) is apparently hanging in the balance as Italy-based Grimaldi, through Minoan Lines and its recent purchase of HSW shares held by Interamerican, is now reportedly approaching some 2,000 individual shareholders to gain a majority of the coastal shipper and its management.
by Lambros Karageorgos
Control of Hellenic Seaways (HSW) is apparently hanging in the balance as Italy-based Grimaldi, through Minoan Lines and its recent purchase of HSW shares held by Interamerican, is now reportedly approaching some 2,000 individual shareholders to gain a majority of the coastal shipper and its management.
Conversely, the current management of HSW is fighting off what it sees as a type of hostile takeover by recruiting local investors in order to buy up as many shares as possible in order to tack them on to the 39.61 percent held by Piraeus Bank. The latter is apparently looking on with keen interest, as developments are significant for the company's future development and its share price.
The current management of HSW has not masked its opposition to a possible takeover of the ferry boat operator by the Italian company.
According to reports, no individual retail investor holds more than 0.5 percent of the company’s shares, making the accumulation of a large bloc of shares by the two competing sides difficult.
At press time, certain reports claimed the “Greek bloc” had accumulated just under 50 percent of HSW shares, with two or three responses by retail investors pending in order to exceed the 50+ mark.
Minoan Lines has stated that it wants 100 percent of HSW and has dismissed criticism of an “Italian dominance” in the local coastal shipping sector.