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MSC deal with Messina to be postponed for a second time

Closing of a deal which will make MSC a 49% shareholder of Messina Group will be postponed again since the deal will not be finalised by April 30, sources tell Splash.

The previous deadline was March 31, and was postponed due to details that had yet to be defined with the banks.

This latest delay is down to the coronavirus pandemic as MSC, apart from the malware attack to its website, is facing challenges in both the container and cruise markets.

Several market observers in Italy suggest that Gianluigi Aponte may have decided to take some more time before signing this new investment in the Genoa-based conro vessel operator.

Through the Italian holding company Marinvest, MSC is planning to invest €25m ($27m) for a 49% stake in the Messina Group, and take a 52% stake in a new vehicle called Ro-Ro Italia which controls four of Messina’s eight modern conro ships. All the eight vessels are linked to a €487m debt with local bank Banca Carige and classified as unlikely to pay.

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Nicola Capuzzo

Nicola is a highly qualified journalist focused on transport economics, logistics and shipping with broad experience in both online and printed media. Specialties: shipping, ship finance, banking, commodities and port economics. He regularly interviews Europe's top shipowner executives for Maritime CEO magazine.
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