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Minoan gets early bids in battle for Hellenic
Minoan Lines has received two written offers to buy its shareholding in rival Greek ferry operation Hellenic Seaways.
The development, expected to be officially reported to the Athens Stock Exchange today seems to herald a battle for control of the country's biggest domestic ferry operator.
Maritime Company of Lesvos, or NEL Lines, has already separately confirmed to the stock market that it has bid EUR 2.9 per share for the 33.3% stake.
Minoan, which operates its own modern ferry fleet on routes between Piraeus and Crete and between Greece and Italy, is currently the largest shareholder in Hellenic Seaways, which it founded in the 1990s as Minoan Flying Dolphins.
Reportedly if NEL succeeds in its attempts to buy the shares its stake in Hellenic Seaways will rise to more than 43%.
The other offer comes from shipowner Panos Laskaridis, who together with brother Thanassis controls Greece's Laskaridis reefer group. He already controls about 20% of Hellenic Seaways.
Reports indicate that he has also bid close to EUR 3 per share.Sources close to Minoan, however, are indicating that neither offer is likely to be accepted.
One source close to the Cretan company's management said that "a sale at a much higher price than has been proposed could be considered."He would not confirm that a company board meeting this week had set an asking price of EUR 3.50 a share, but said this was a "possible" figure for discussion.
This would raise the haul the company wants for its stake to EUR 90m ($115m).It is understood that the two offers contain conditions that Minoan is also likely to rebuff and that the company is interested only in a pure cash offer.
The value of shares in Hellenic Seaways, a privately held company, already appears to have appreciated since the start of 2006 when Attica Group sold its significant shareholding at EUR 2.20 per share.
The development, expected to be officially reported to the Athens Stock Exchange today seems to herald a battle for control of the country's biggest domestic ferry operator.
Maritime Company of Lesvos, or NEL Lines, has already separately confirmed to the stock market that it has bid EUR 2.9 per share for the 33.3% stake.
Minoan, which operates its own modern ferry fleet on routes between Piraeus and Crete and between Greece and Italy, is currently the largest shareholder in Hellenic Seaways, which it founded in the 1990s as Minoan Flying Dolphins.
Reportedly if NEL succeeds in its attempts to buy the shares its stake in Hellenic Seaways will rise to more than 43%.
The other offer comes from shipowner Panos Laskaridis, who together with brother Thanassis controls Greece's Laskaridis reefer group. He already controls about 20% of Hellenic Seaways.
Reports indicate that he has also bid close to EUR 3 per share.Sources close to Minoan, however, are indicating that neither offer is likely to be accepted.
One source close to the Cretan company's management said that "a sale at a much higher price than has been proposed could be considered."He would not confirm that a company board meeting this week had set an asking price of EUR 3.50 a share, but said this was a "possible" figure for discussion.
This would raise the haul the company wants for its stake to EUR 90m ($115m).It is understood that the two offers contain conditions that Minoan is also likely to rebuff and that the company is interested only in a pure cash offer.
The value of shares in Hellenic Seaways, a privately held company, already appears to have appreciated since the start of 2006 when Attica Group sold its significant shareholding at EUR 2.20 per share.
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