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The Italian antitrust authority has launched an investigation into MSC\u2019s acquisition of a 49% stake in the Italian ferry company Moby.<\/p>\n
The investigation, which began on November 13, focuses on the deal\u2019s possible anti-competitive impacts.<\/p>\n
The Italian competition and market authority (AGCM) is concerned that the acquisition may limit competition in ferry routes between Italy and its larger islands, where Moy and MSC\u2019s subsidiary, Grandi Navi Veloci (GNV), already dominates the market.<\/p>\n
The authority said that the ferry services on these routes are already highly strong, with Moby and GNV being the primary operators and, in some cases, a third competitor.<\/p>\n
The market has major entry barriers, raising concerns about reduced competition and higher prices for passengers and cargo.<\/p>\n
Along with the share purchase, the antitrust authority is also investigating a \u20ac243 million loan given by MSC\u2019s Shipping Agencies Services (SAS) to Moby in 2023.<\/p>\n
The financing deal is seen as another factor that could impact the market dynamics and limit competition.<\/p>\n
The probe also included inspections at the offices of Moby, GNV, Onorato Armatori (Moby\u2019s majority owner), and Marinvest (MSC\u2019s investment branch), all of which were conducted last week.<\/p>\n
GNV said that it fully cooperated with authorities during the inspection, while Moby and its parent company, Onorato Armatori, did not reply to requests for comment.<\/p>\n
MSC\u2019s acquisition of a stake in Moby was to save the struggling ferry operator from bankruptcy. In 2022, Moby was on the brink of bankruptcy due to financial difficulties and an inability to repay debts.<\/p>\n
MSC and Moby\u2019s majority shareholder, Onorato Group, agreed on a deal in which SAS required a 49% stake in Moby for \u20ac150 and the \u20ac243 million loan.<\/p>\n
In January 2024, MSC also purchased two RoPax ferries from Moby for an additional \u20ac109 million.<\/p>\n
This acquisition is not a single case. MSC has been expanding its operations aggressively, with many recent acquisitions, including car carrier Gram Car Carriers.<\/p>\n
The company also plans to acquire a 49% stake in Hamburg\u2019s port operator, HHLA, with all required approvals in place.<\/p>\n