- The deal formally announced by Banca Carige and the NPL management company Amco, cuts a 49% stake for MSC in the Ignazio Mesina & C. shipping group.
- Aponte will invest €25m for a 49% stake in the Ignazio Messina & C. group and a 52% stake in a new vehicle called RoRo Italia.
- A large part of non-performing loans (€324m) was offloaded to Amco, while the remaining part went to the new vehicle RoRo Italia.
MSC has finally taken a 49% stake in the Ignazio Mesina & C. shipping group, reports Nicola Capuzzo for Splash 247.
The deal formally announced by Banca Carige and the NPL management company Amco.
MSC becomes a minority stakeholder
Gianluigi Aponte’s Italian holding company Marinvest and Messina Group have formally signed all the requested conditions which makes MSC the new owner of four ships and a minority stakeholder in the Genoa-based conro operator.
- Aponte will invest €25m ($28.5m) for a 49% stake in the Ignazio Messina & C. group and a 52% stake in a new vehicle called RoRo Italia controlling four of Messina’s eight modern conro ships.
- The vessels set to be 52% controlled by MSC are Jolly Diamante, Jolly Perla, Jolly Titanio and Jolly Cobalto.
Fleet renovation plan
Messina had financial exposure of over €500m ($593m), mainly with Banca Carige, related to a fleet renovation plan completed in the last few years, with eight new conro ships built in South Korea by Daewoo and STX shipyards from 2011 to 2015.
A large part of these non-performing loans (€324m) were offloaded to Amco, while the remaining part went to the new vehicle, RoRo Italia.
In addition to the fresh capital Aponte will put into the Genoa-based shipping company, the Messina family will put €5m on the table to re-launch the business, which will benefit from several operative synergies between the Italian and the Swiss firms.
The agreement has obtained all the relevant approvals.
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Source: Splash247
