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Post by ferryfast admin on Dec 17, 2007 15:03:37 GMT -5
Sea Star buys Minoan, Hellenic Seaways stakes for 250 million
eKathimerini-Athens www.ekathimerini.com/4dcgi/news/economy_&xml/&aspKath/economy.asp?fdate=14/12/2007
Sea Star Capital Plc, a Cyprus-based holding company, paid about 250 million euros on Tuesday for stakes in two Greek ferry operators, a move that may signal consolidation in the country’s coastal shipping industry. Sea Star, majority-owned by Yiannis Vardinoyiannis, CEO of ANEK Lines, paid –92.4 million for 26 percent of Minoan Lines, Greece’s second-biggest ferry operator. Sea Star also acquired a 35 percent stake in closely held Hellenic Seaways for –154.9 million from Amadeus Navigation, controlled by shipowner Panayiotis Laskaridis. Sea Star is already the biggest stakeholder in ANEK, the fourth-biggest operator, with 15 percent. “Potential cooperation or merger between the three companies will create the biggest Greek ferry operator,” Piraeus Securities said in a note to investors. (Bloomberg, Kathimerini)
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