Obstacles on the way for the merger between Moby and Tirrenia CIN
Tirrenia's extraordinary administration commissioners are determined to oppose the reverse merger transaction. Also the Italian Ministry of Transports and Antitrust Authorities seem to support them
The merger by incorporation of Moby and Tirrenia CIN recently received the green light from Moby's shareholders meeting, therefore it could proceed as scheduled if it were not for some obstacles coming in the way.
Sardinia political movement Unidos leader Mauro Pili – who has long been opposing the 73 million euro that the Italian government grants to Tirrenia CIN every year as public fundings to ensure territorial continuity – declared that “Antitrust authorities submitted a request for clarifications about the merger to the Italian Ministry of Transports”.
Neither the Ministry nor the Italian Competition and Market Authority denied it, while Minister of Transports Danilo Toninelli pointed out that “the dossier is being examined”.
Moreover, Pili added that Tirrenia's liquidation commissioners in extraordinary administration (the bad company demerged in 2012 upon the sale of the former state company to Moby) are evaluating the need to appeal against this merger “because the initial 180 million euro guarantee, i.e. the outstanding debt (for the purchase of the company, ed.), would lapse. If they did not do it, commissioners would risk jointly”.
As a matter of fact, a source very close to the commissioners confirmed to Ship2Shore that “to the extent that the merger between Moby and CIN can be regarded as detrimental to the creditors of Tirrenia's extraordinary administration, and however misaligned compared to the commitments undertaken by the purchaser, it is legitimate to presume that some measure will be taken”.
According to Pili, this reverse merger cannot take place because the public convention provides for the “obligation of an autonomous and separate accounting”, and if this transaction is concluded the ships purchased by the former state company would become Moby's property.