Ferry News Archive
EU refuses to shield Tirrenia from ‘foreign corporate raid’
Date: 13 Jul 2006 00:00 Source: Lloyds ListItaly will not be able to prevent ferry giant Tirrenia from falling into foreign hands following privatisation, the European Commission has warned.
Concern that Tirrenia, one of Europe’s largest shipowners, could be snapped up by non-Italian companies is not sufficient justification for imposing restrictions on the sale, according to internal market commissioner Charlie McCreevy.
Responding to question from a worried Italian MEP, who said she feared Tirrenia would be subject to a foreign corporate “raid” as other Italian shipowners had been, Mr McCreevy said restrictions on any sale were forbidden by the EU treaties.
“The ownership of companies is a matter for shareholders,” he wrote in reply to the MEP. “State measures restricting ownership rights are generally precluded.
“Very often such restrictions on investment can affect cross-border acquisitions disproportionately and be contrary to treaty freedoms.
“Exceptions to the freedoms do not extend to the protection of economic interests.”
Italian MEP Roberta Angelilli wrote to Mr McCreevy saying she was worried Tirrenia would go the way of Lloyd Triestino and Italia di Navigazione, both of which ended up in non-Italian hands soon after privatisation.
Taiwanese giant Evergreen bought Lloyd Triestino in 1998 while Italia di Navigazione was “dismembered” between CP Ships and D’Amico di Navigazione after it was sold, she claimed.
“Tirrenia is among the companies exposed to hostile stock exchange raids,” she wrote.
“The amount of shares sold could be as high as 100% for an estimated return of €500m ($585m). What measures can the Italian government take to avoid a hostile takeover?”
Ms Angelilli said she was worried about the future of Tirrenia’s 3,200 staff and the future of the company’s connections to Italian islands, some of which were vital and recognised as having a public service function.
With its Adriatica division and regional lines Caremar, Saremar, Siremar and Toremar, Tirrenia runs about 90 ships in 70 services, ranging from 3,000-passenger ferries on shortsea routes to small island hoppers.
The European commission has already demanded that Tirrenia’s public subsidies are phased out by 2008.
The new Italian government is expected to decide its fate shortly. There has been talk of privatising the company for a number of years.
Explore Italy this summer, visit our Ferries to Italy page for more information.
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