Ernst Russ Ditches Its Marenave Stake

Image Courtesy: Ernst Russ

German asset and investment management company Ernst Russ has sold its stake in compatriot Marenave Schiffahrts AG, the asset manager said earlier today.

The 29.98 pct stake was sold to Deutche Balaton, Marenave’s major shareholder, which held 21.34 pct of all shares as of January 2018.

With today’s purchase, Deutche Balaton has brought its voting rights in Marenave to 51.69 pct.

Ernst Russ ascribed the decision to “differing views” on Marenave’s restructuring process and its future business model between the company’s major shareholders.

The move comes at a pretty turbulent time for the company.

Namely, Marenave dismissed its Chief Executive Officer Ole Daus-Petersen, replacing him with Bernd Raddatz – the company’s former Authorised Signatory in November 2017.

The management reshuffling came after the constitution of a new supervisory board following the resignation of its former members.

Marenave said at the time that it was preparing an alternative future and capital increase concept after its previous proposal fell through.

World Maritime News Staff

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