Hellenic Seaways (HSW) has elected the same board of directors in an extraordinary general meeting requested by Emanuele Grimaldi-controlled Minoan Lines.
The largest Greek ferry owner said shareholders showed their trust to existing directors with the addition of two more members, Michael Vavourakis and Ilias Trigkas.
This is another chapter in a bitter battle between Grimaldi and HSW over a majority stake in the company.
Grimaldi told TradeWinds last year that he was confident of closing in on taking control of HSW.
He already owns a large stake in HSW through his company Minoan Lines.
But the Italian shipping magnate is facing off an alliance between HSW’s Greek management, Piraeus Bank and other minority shareholders.
Piraeus Bank is selling its 40.4% stake in HSW, with Grimaldi being one of the candidates not very far from a 51% majority.
As TradeWinds has reported, Grimaldi has taken legal action against HSW’s management but a Greek court cleared the company’s executives from wrongdoing in April.
Antonis Agapitos, chief executive of HSW, said in a statement: “I am very optimistic regarding the progress of the company.
“HSW’s management continues to work hard on the continuous growth of the company in a tough and competitive market.”
Grimaldi’s Finnlines did not provide any update on the HSW takeover efforts in its first quarter report published earlier today.
