Takeover boosts ANEK shareholders

Shareholders of troubled passenger shipping company ANEK have benefited greatly over the past year from the plans by Attica, Greece's largest passenger shipper, to take over the company. 

Just before Attica announced its takeover plans in September 2022, ANEK's capitalization was €7 million, working capital was negative and accumulated debt to banks and suppliers was around €300 million.

Attica came to an agreement with ANEK's creditors to take over the Cretan company, taking on some of the outstanding debt and giving ANEK shareholders 11.5% of the shares in the new, expanded Attica.

The Competition Commission approved the takeover a few days ago. The value of ANEK shareholders' shares is now €62.4 million. Eurobank estimates that better fleet management could make that 11.5% stake worth €85 million, a 12-fold gain.