Finnlines has officially applied to retire its shares from the Helsinki Stock Exchange as soon as Emanuele Grimaldi takes full control of the company. The Finnish firm has requested its shares to be delisted when largest shareholder Grimaldi Group gains title to all the shares in the ro-pax owner.
As of 30 June, Grimaldi Group was in control of a 98.32% stake in the Finnish company having steadily increased its holding over the past 12 months. The Italian shipowner did the same with more subsidiaries, including Greek ferry company Minoan Lines.
His expansion plans also included a failed takeover attempt for Greece’s biggest ferry owner Hellenic Seaways. Grimaldi boosted his stakes in ferry subsidiaries at a time when lower bunker prices have brightened the prospects for European passengership owners.
Finnlines posted net earnings of EUR 22.2m ($24.63m) in the second quarter, against EUR 15.8m in the corresponding period of 2015. The Finnish company owns 22 ro-ros and ro-paxes while it has been investing on making its fleet more friendly to the environment in 2016.
