Italy Launches Antitrust Investigation into MSC Investment in Moby
\n \t
\n
<\/BR>
\n
\n \t
\n
<\/BR><\/p>\n
\nItaly\u2019s Competition and Market Authority revealed today that it has launched an investigation into the investment by MSC Mediterranean Shipping Company into Italian ferry operator Moby. The investigation is looking at the potential of \u201crestrictions of competition,\u201d after MSC made a series of actions in 2022 and 2023 to save the financially troubled ferry operator.<\/p>\n
The authority reports with the assistance of the Special Antitrust Unit of the Guardia di Finanza, they carried out inspections on November 13. They visited the offices of Moby and Grandi Navi Veloci (GNV), as well as the parent company Onorato Armatori and MSC\u2019s Marinvest which carried out the investments through Shipping Agencies Services (SAS, another MSC company.<\/p>\n
Moby operates a fleet of ferries between the Italian mainland and destinations including Sardinia, Corsica, Sicily, and Elba. Parent company Onorato Group reports it operates a total of 38 ships, with about 41,000 departures for 33 ports annually. In addition to Moby, the group acquired Toremar, Compagnia Regionale Toscana in July 2012, and Tirrenia in 2015.\u00a0<\/p>\n
Moby group however was facing financial difficulties unable to repay debts from the mergers and in 2022 was faced with bankruptcy. The Aponte family working with the Ororato family devised a plan<\/a><\/u> by which SAS would acquire 49 percent of Moby for approximately \u20ac150 million while providing a loan for an additional \u20ac243 million. In January this year, MSC also acquired two Moby RoPax ferries, Moby Vinci<\/em> and Moby Sharden<\/em>, for a further \u20ac109 million.<\/p>\n The regulators are highlighting that it is a highly concentrated market that already has high barriers to entry. They note the services transporting passengers and cargo in some cases are only offered by Moby and GNV while on some routes there is a third operator. GNV, which was started by the Grimaldi group in 1992, has been owned by MSC since 2010.<\/p>\n Moby and GNV confirmed that the investigation was underway. They said in prepared statements that they were fully cooperating with the organizations providing requested information.<\/p>\n This investigation is proceeding as MSC continues to be very aggressive with acquisitions across the group. Among the other deals the company recently acquired car carrier operator Gram Car Carriers. Last week, it was reported that MSC has received all the required approvals for its 49 percent investment in Hamburg\u2019s port operator HHLA to proceed. The company is also expanding its logistics operations both with port investments and shoreside logistic operators.\u00a0<\/p>\n \n\u00a0<\/p>\n<\/div>\n \t
\n
<\/BR><\/p>\n