Spain Approves Acquistion of Iberocruceros
The Spanish Antitrust Authority has granted official approval to the acquisition of sole control by Costa Crociere S.p.A. of Iberocruceros, a brand operating in the Spanish market. The operation was first announced on May 29 this year following the signing of an agreement between Costa Crociere S.p.A. and the leading Spanish tour operator Orizonia. Now, following the go-ahead from the antitrust authority, the deal is to be completed during July 2009. Iberocruceros was established in 2007 as a joint venture between the Costa Crociere Group, which owned 75% of the company, and Orizonia, which had a 25% stake. Through its acquisition of the remaining 25% of the capital, Costa Crociere S.p.A. now is the only shareholder of Iberocruceros.
Executive Changes in Costa Crociere S.p.A.
Iberocruceros was created in September 2007 as a joint venture between Costa Cruises (which owns 75% of the company) and the leading Spanish tour operator Orizonia Corporación (with a 25% stake). Mr. Martini will be reporting to the Iberocruceros Board of Directors, chaired by Costa Crociere S.p.A. Chairman & CEO Pier Luigi Foschi. Iberocruceros’ General Manager Alfredo Serrano, Sales & Marketing Director Carlo Schiavon and Finance Manager Roberto Alberti will all be reporting to Mario Martini. Mr. Martini will also continue to represent the Costa Group in industry associations. 62-year-old Martini, who was born in Camogli (Genoa - Italy)…
Costa Announces Record Results
The ordinary general meeting of shareholders of Costa Crociere S.p.A, held March 31, 2004, adopted the financial statement for the period December 1, 2002/November 30, 2003. 2003 was a record year for Costa Crociere: the company topped the half-million mark for the number of passengers carried in a 12-month period (a historic achievement and a first for a European cruise operator) with 557,300 guests, compared to 462,036 the year before (+21%), amounting to 4,300,000 passenger days (up 19% on 2002). Sales rose by 7.2%, at euro 785.6 million. Operating income was also substantial, at euro 105 million, although down on the figure recorded in 2002 on account of the strong pressure on prices that occurred throughout the year.
