Onorato is ready to take the helm of Porto Livorno 2000
Newco Livorno Terminals was incorporated to become majority shareholder of the concessionaire of the Livorno passengers terminal; the agreement will be signed shortly
Livorno Terminals Srl’s certificate of incorporation was filed at the Chamber of Commerce a few weeks ago.
The company (100,000 euro share capital) was incorporated by the members of the temporary association of companies (Moby 5%, LTM – Livorno Terminal Marittimo 10%, Sinergest 60%, Marinvest 25%) which, in July 2018, was awarded the tender launched by the Port Authority in 2015 to take over the majority stake of Porto Livorno 2000 (i.e. 66%, while the remaining shares will be equally divided between Port Authority and Chamber of Commerce), the concessionaire of passengers areas and services in Livorno.
Besides bureaucratic slowness, according to the tenderer the exclusivity of said prerogative is one of the reasons for the four years needed to close the procedure (and, in part, for the legal vicissitudes which involved the Port Authority’s top management).
The transfer of shares agreement should be signed on April the 30th or on May the 2nd, regardless of the possible ruling of the Court of Review nullifying the disqualification to which the body’s management (Port Authority president Stefano Corsini and secretary general Massimo Provinciali) is currently subject.
We still do not know whether there will be changes as concerns the winning bid (the starting price amounted to 8 million euro) due to the long procedure and to the alleged (by the tenderer) discrepancies compared to the tender (the concession agreement is not public but, for instance, Calata Orlando should already have been cleared by the namesake bulk Terminal). They also hope that the duration of the concession will finally be disclosed as it was not specified in the call for tender (between 15 and 30 years), which related it to the investment plan submitted.
One thing is certain, the newco’s structure fully complies with the Temporary Association of Companies: the first three of the aforementioned companies belong to the Onorato Armatori Group, providing two directors (Achille Onorato and Beniamino Carnevale), while MSC’s Italian holding Marinvest appointed Franco Ronzi in its Board of Directors.