Croatian shipping company Tankerska Plovidba is now the controlling shareholder of compatriot bulker player Atlantska Plovidba.
The Zagreb-listed tanker and bulker owner has amassed a 64.11% stake in its listed peer.
Tankerska acquired 523,534 shares, representing a 25.01% chunk of Atlantska, according to a bourse filing.
A total of 1,748 shareholders in Atlantska accepted the offer, law firm Mamic Peric Reberski Rimac said.
Tankerska launched the $75m offer in January at €53.60 ($57.91) per share for the 60.90% interest it did not already own.
Atlantska managers had backed the deal, saying in a stock exchange filing that they agreed with the strategic plans explained by Tankerska.
Tankerska will prioritise reinvesting earnings and exploring potential acquisitions within the core dry cargo business.
The Zadar-based shipowner, led by chief executive Mario Pavic, said in November that it was required to launch a bid after building its stake in the preceding weeks.
In October, it revealed a 7.9% holding, but added more shares to reach 39.1% by taking part in a share issue by Atlantska that increased its capital from €55.6m to €83.4m.
A combination of the two Zagreb-listed Croatian companies would create a unified fleet of 32 tankers, bulkers and ferries.
New kamsarmax sold
Dubrovnik-based Atlantska controls 14 kamsarmax, supramax and handysize bulk carriers.
Two are owned, while eight are leased and chartered back, with a further three kamsarmaxes on order at Jiangsu New Hantong in China.
The company sold a fourth ship in the series for €35m last year.
The Tankerska fleet comprises four aframaxes, three handysize bulkers and six ferries. There are also six MR tankers owned through former Zagreb-listed subsidiary Tankerska Next Generation (TNG).
In 2022, Tankerska took TNG private after buying shares from pension funds.
