Ferry News Archive
Grimaldi eyes Russia as Finnlines deal nears
Date: 19 Oct 2006 00:00 Source: Lloyds ListA SIGNIFICANT move into the Russian market may be on the cards if the Naples-based Grimaldi Group’s takeover bid for Finnlines goes through as widely anticipated.
Interviewed in Naples, company chief executive Emanuele Grimaldi said: “More goods are being exchanged between European countries now than in the past, but St Petersburg and Moscow are growing at an even faster pace.”
The Russian market could be very interesting, he noted.
Over the shorter term, however, Finnlines is likely to concentrate on phasing in the five new 42,000 gt ferries built at Italian yard Fincantieri for €500m ($630m) and tailored specifically for the Baltic.
“That really is the biggest issue at the moment,” he said. “Next year’s results are very dependent on it, but there is a big question mark there.
“Will those five ships end up cannibalising the others. We are adding 20,000 line metres in a trade that is harshly competitive, with Tallink also growing rapidly. Will Finnlines beat the competition, or will there be a big fight, with too much tonnage chasing too little demand. It is impossible to know now, though it is a bet I am happy to make.”
Mr Grimaldi’s comments follow recent confirmation that he had bought a further 10.8% stake in Finnlines, raising his holding to 46.2%, and planned a € 349m offer for the remaining shares.
As for the coming €15.95 per share tender offer for all Finnlines’ shares, Mr Grimaldi said: “We won’t be holding a gun to anyone’s head.
“Whoever wants to keep their shares will be our partners. And if they want to sell they will be able to sell at the highest price available.
“In the short- to medium-term, I don’t see much change. It is a good company with good management, as you can see from the results from the first nine months of the year.
“This is a cyclical business, so we will see how it goes. But there is no urgency. We are not talking about a company in trouble where you have to intervene.”
As to fears in Finland that a Grimaldi buy-out might translate into a loss for the flag, he argued to the contrary that “this could be a big opportunity for Finland”.
He cited the example of ACL. “When we bought it, the ships all flew the flag of Bermuda or the Bahamas. Then Sweden created a sufficiently competitive environment and we switched. The same logic applies to the Finnish shipping industry.”
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