GRIMALDI ΤAKES OVER FINNLINES

[proud_ionian]

ITALIAN ro-ro shipowner Grimaldi plans to make a voluntary offer for all shares in Baltic-base owner Finnlines. Grimaldi says it intends that the voluntary offer period will begin before the end of October this year and would last approximately five weeks. It says it will pay euros15.95 (US$20.02) per share in cash for each share in Finnlines. That equates to a value of around euros650m for the company.

Finnlines has issued a statement saying that its board will “investigate the matter and will express its opinion on the final offer according to the Securities Market Act when the decision has been taken to make an offer and the offering document has been released”.

In an announcement to the Helsinki Stock Exchange Finnlines says that Thorninvest has sold it entire shareholding, of over 10 per cent. This has fuelled speculation that Grimaldi has close to a controlling stake in Finnlines.

source: MGN

[proud_ionian]

ITALIAN ro-ro owner Grimaldi now owns 46.4% of Baltic operator Finnlines. Grimaldi’s public tender for the Finnish-based company’s shares expire last Friday. It was offered 85,503 shares which, together with it earlier holding, bring its stake to just under half of the company. In a stock exchange statement Grimaldi says: Grimaldi’s objective was to offer to Finnlines’ shareholders an opportunity to sell their shares at the same or higher price than the main owners of Finnlines and to fulfil its future mandatory offer obligation according to the implementing provisions of Chapter 6 of the Securities Markets Act, which would have arisen due to fact that Grimaldi’s ownership exceeded 30% of the total voting rights attached to Finnlines’ shares in June 2006. By consummating the tender offer Grimaldi achieves the aforesaid objectives.”

source: MGN

[proud_ionian]

according to MGN , The Grimaldi Group holds 50,1% of the Finnlines stake