Pole position for Deutsche Bank in Rimorchiatori Riuniti's equity
The German investment fund entered second phase of negotiation to buy shares in Genoa-based company's towage branch
Rimorchiatori Riuniti group of Genoa choose Deutsche Alternative Asset Management as privileged interlocutor to continue negotiating the purchase of minority stakes, ranging between 30 and 40%, in the newly established sub-holding Rimorchiatori Mediterranei Spa.
Final deadline to bid in the tender called by the Gavarone and Delle Piane families to embark a financial partner expired in late October.
Four investment funds submitted their offer, namely: F2i, Blackstone, First State Investments and Deutsche Bank.
Some sources told Ship2Shore that for the time being the German fund outbid all the others, evaluating 400 millions 100% of the company.
Currently, Deutsche Alternative Asset Management holds the exclusive right to continue negotiation with Genoa-based group in order to seal an agreement which might be turned into a formal accord by the end of this year.
The process started by Rimorchiatori Riuniti to find a financial partner aimed at speeding up the growth of the company's harbour towage business, which already sees Delle Piane and Gavarone as leading players in Italy and among the major in the Mediterranean.
Rimorchiatori Mediterranei sub-holding will collect majority shares of Rimorchiatori Riuniti Porto di Genova, Rimorchiatori Salerno, Rimorchiatori Augusta and Rimorchiatori Malta, as well as 50% stakes held by the company in Gesmar.
All the above group hold concessions for handling towage services in Genoa, Salerno, Augusta, Ravenna, Trieste, Ancona, in Italy and Valletta in Malta.