Attica Group – ANEK – Closer to the merger agreement

The merger agreement through the absorption of ANEK by Attica Group is in the final stretch, as everything shows. The merger will create a large shipping company by Greek standards. According to information, after the agreement reached for the purchase by Piraeus Bank of the loans that ANEK has to Alpha Bank, the signing of a Memorandum of Understanding (MoU) of the two banks is expected.

Then the boards of directors of the two shipping companies will take the relevant decisions and will proceed to the general meetings of the shareholders. It is noted that Piraeus Bank directly and indirectly plays a dominant shareholding role in both companies.

The business plan that has been elaborated by the management of Attica and has been brought to the attention of the creditors foresees a significant “haircut” of the bank loans of ANEK, but not of the debts of the company to third parties.

Sources close to the merger estimate that the developments from now on should be quick given the difficult conditions experienced by the shipping industry in the winter that has had an impact on the liquidity of companies.

With the acquisition of ANEK, the Attica Group will be in second place in Europe among all ferry groups in terms of passenger capacity (over 49,000), in third place in terms of vehicle capacity (with more than 40,000 lane meters) and in fourth place in terms of fleet size.