Croatia’s Tankerska Plovidba will launch a takeover bid for compatriot bulker owner and operator Atlantska Plovidba.
The Zadar-based diversified owner led by Mario Pavic informed the market through the law firm Mamic, Peric, Reberski, Rimac of its obligation to launch a takeover offer to buy the 60.9% it does not already own in Zagreb-listed Atlantska.
The move, in compliance with local takeover laws, follows a recent capital increase by Atlantska, in which Tankerska Plovidba bought around 32.7% of its capital, lifting its stake in the Dubrovnik-based company to 39.1%.
Atlantska shares in the last two weeks have been traded in the range of €50 to €52. Tankerska, which needs another 11% to have a majority interest, is expected to launch the offer for the remaining Atlantska shares within the legal deadline and could tender around €53.5 per share—the price at which it acquired them in the recapitalisation of Atlantska.
Tankerska currently manages a fleet consisting of 10 tankers, three bulkers and six ferries. On the other hand, Atlantska currently has a fleet of ten bulkers, two of which VesselsValue shows as owned, with four newbuilds to join the fleet from Jiangsu Hantong in China. The fleet is estimated to be worth around $152m, however, one of the four newbuild kamsarmaxes has been recently sold for around $37.6m, according to the company’s Zagreb Stock Exchange filing.
