Italian shipping company Grimaldi Group S.p.A. has launched redemption proceedings to acquire all the remaining shares in the Finnish operator of ro-ro and passenger services Finnlines.
Namely, Grimaldi, together with its subsidiaries Grimaldi Euromed S.p.A. and Grimaldi Deep Sea S.p.A., holds approximately 98.22 percent of all the shares and votes in Finnlines.
The Arbitral Tribunal, appointed by the Redemption Committee of the Finland Chamber of Commerce, confirmed that Grimaldi has the right to redeem the minority shares in the company “by lodging a security approved by the Arbitral Tribunal for the payment of the redemption price and the interest accruing thereon,” the Finnish firm said.
The company, which is a part of the Grimaldi Group, will now lodge a security approved by the tribunal to redeem the shares, after which Finnlines’ stock will cease public trading.
Nasdaq Helsinki-listed Finnlines operates in the Baltic Sea and the North Sea.