Swiss shipping major Mediterranean Shipping Company (MSC) has received the green light from the Italian Competition Authority (AGCM) to acquire a minority stake in Genoa-based shipping company Ignazio Messina & C.
The transaction will see MSC’s subsidiary Marinvest take over a 49 percent stake in Ignazio Messina and a 52 percent stake in Ro-Ro Italia, a new company that would control four of the Messina’s roll-on/roll-off container (ConRo) vessels.
Following the capital increase, the joint company Ro-Ro Italia will buy the ship quartet from Messina as well as ship loans related to the purchase, AGCM explained.
The regulatory approval follows a final agreement reached between the two parties in June this year.
According to the antitrust authority, the merger does not raise competition concerns. Specifically, it will not substantially alter the level of competition in the relevant markets.
Ignazio Messina provides regular line services that connect the Mediterranean to Africa, the Middle East, and the Indian subcontinent with a fleet of ten owned and leased ships.