Marine Finance Briefs
Slovenian shipping firm Intereuropa and port operator Luka Koper canceled a planned merger because the government was demanding the right to veto any management decisions in the new firm. The two companies had planned to merge on July 1. The state owns 51 percent of Luka, while Intereuropa is privately owned. The state's equity in the new company would have been 35.7 percent. "There will be no merger under such conditions where the government would have the right to veto practically every management decision," Radovan Vrabec, Intereuropa's deputy chief executive, said. He said the two companies would be ready to continue merger talks if the government eased its demands. Vrabec said the two firms would not suffer short-term damage due to the failure of the merger.
Intereuropa Relaunches Merger Bid
Slovenia's largest shipping firm Intereuropa is relaunching a bid to merge with the country's only port operator Luka Koper following last October's change of government. The two companies first planned to merge last year but called off the deal in April because the-then government was demanding the right to veto management decisions in the new firm. The Slovenian government owns 51 percent of Luka. "Slovenia is getting closer to membership of the European Union and we believe the present government will support the merger," said Radovan Vrabec, deputy director of Intereuropa. He said the merger, which Intereuropa hoped to complete this year, would enable the two companies to expand their logistics network and improve competitiveness ahead of joining the EU.
