Palumbo Group to Take Over Viktor Lenac Shipyard

Total Croatia News

ZAGREB, August 11, 2018 – The Croatian Financial Services Supervisory Agency (HANFA), a regulator whose scope of activities cover the supervision of financial markets and financial services, has approved the offer for the Viktor Lenac shipyard’s takeover by the Italian Palumbo company at a price of 9.26 kuna per share, the agency stated in a press release on Friday.

The obligation to request the approval from the regulator stems from the fact that as of 11 June this year, the Palumbo Group together with the P&L Shiprepair Holding Limited, which is owned by the Italian company, holds a total of 40.5% of the Rijeka-based dock.

The offer made by the Palumbo Group now refers to the remaining 59.48% of the shipyard’s equity.

The price of HRK 9.26 per share is higher than the price at which Palumbo has to date acquired shares of Viktor Lenac.

Thus, according to some unofficial estimates, Palumbo undertakes to pay about 92.6 million kuna for the remainder of the Croatian dock’s equity.

Palumbo, founded in 1967 in Naples as a small carpentry company to support the local market of ship repair, currently operates seven shipyards in Naples, Messina, Malta, Marseille, Tenerife, Ancona and a commercial office in Monaco.

Palumbo has grown to become an international shipyard group in 50 years of activity and today represents a major refit and repair network in the Mediterranean.

“With an unbeatable logistic network layout of five shipyards in the heart of the Mediterranean, one in the Atlantic ocean, two new build sites, 14 Docks of which one represents the second largest dock in Europe and the most international experienced craftsmen and engineers in the industry, the group is able to offer a wide range of specialized services for any type of vessels and Yachts,” the group says on its web site.


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