Croatian owner Tankerska Plovidba is going for full control of compatriot bulker company Atlantska Plovidba with a second takeover offer.
The move comes two months after the Zagreb-listed tanker and bulker company gained a 64% stake.
Based on Atlantska’s market cap of €110m ($118m) in Zagreb, the remaining chunk will cost Tankerska $39m.
The offer was announced by law firm Mamic Peric Reberski Rimac, representing Tankerska, in a bourse filing.
No financial details have yet been given.
The Atlantska share was up more than 15% in Zagreb on Friday, at €52.60, recovering losses made after the February takeover.
Tankerska acquired 523,534 shares, representing a 25.01% slice of Atlantska, through the previous offer.
The $75m transaction was launched in January at €53.60 per share for the 60.90% interest it did not already own at that time.
Atlantska managers had backed the deal, saying in a stock exchange filing that they agreed with the strategic plans explained by Tankerska.
The new owner will prioritise reinvesting earnings and exploring potential acquisitions within the core dry cargo business.
This week, Atlantska said net earnings grew to €2.2m in the first quarter to 31 March, up from €176,085 a year earlier.
Assets and cash climb
A filing to the Zagreb Stock Exchange showed operating earnings at €4m, compared with €1.8m in the same period of 2023.
Total revenue reached €14.3m versus €12.2m year on year.
Total assets amounted to €253.5m, up from €249.6m in 2023.
Cash and cash equivalents climbed to €3.9m, against €2.9m over the same period last year.
Last month, the owner continued with its fleet renewal.
The company said it had decided to declare an option for a third ultramax bulker newbuilding at Jiangsu Hantong Ship Heavy Industry in China.
The 63,500-dwt ship will cost $32.5m, the same as the first two bulkers in the series ordered in February.
The latest vessel will be delivered in 2027, following the others in 2026.
The shipowner said the aim is to modernise the fleet.
Dubrovnik-based Atlantska controls 13 kamsarmax, supramax and handysize bulkers, but this is its debut in the ultramax class.
