Grimaldi fails to convince Finnlines shareholders
Italy's Grimaldi only managed to raise its shareholding in Finnlines by 0.2 percent after its 15.95 euros cash per share offer for all of the issued and outstanding shares in the Finnish shipping company expired.
In October, the board of Finnlines unanimously decided not to recommend the offer to its shareholders.
Grimaldi's holding and share of votes in Finnlines will now rise to about 46.4 percent.
'Grimaldi's objective was to offer to Finnlines' shareholders an opportunity to sell their shares at the same or higher price than the main owners of Finnlines and to fulfill its future mandatory offer obligation according to the implementing provisions of Chapter 6 of the Securities Markets Act, which would have arisen due to fact that Grimaldi's ownership exceeded 30 percent of the total voting rights attached to Finnlines' shares in June 2006. By consummating the tender offer Grimaldi achieves the aforesaid objectives,' the Italian group said in a statement to the Helsinki Stock Exchange.