Grimaldi Elected Chair of Minoan Lines
Emanuele Grimaldi has been elected as new chairman of Greek ropax ferry company Minoan Lines. The unanimous vote by the Cretan company's new board of directors underlined the harmonious nature of the new relationship between Naples' Grimaldi Group and one of Greece's prime ferry fleets. Also elected to the Board were Emanuele's brother Gianluca Grimaldi, brother-in-law Diego Pacella and senior Grimaldi executive Paul Kyprianou.
In January a Grimaldi subsidiary increased the group's stake to nearly 30% in Minoan after acquiring 26.7% from Sea Star Capital, a Cypriot firm that held a major chunk of Minoan rival Anek Lines. The Italians paid E100.2m for the stake, while selling its own 16.8% holding in Anek Lines to Sea Star for E48m.