Tirrenia, sparks fly between Moby and Clessidra

Milan - Vincenzo Onorato is ready to restart the ad war to break the resistance of the Clessidra fund and unblock the situation of Tirrenia. According to the newspaper “Corriere della Sera”, last Monday, Onorato, the majority shareholder of the shipping company Moby, was about to publish an advertisement on the back pages of newspapers against the Clessidra fund, as he had previously done in a theatrical manner on 30th September. The decision was held back at the last moment with the opening of a negotiation table, but tension remains high. The decision of the Milan Court probably contributed to making the leader of Moby nervous. This decision, published on 25th November, rejected the demand by Onorato Investments to the seizure of some shares of Tirrenia, held by members of the former minor public company the Port Group Investments (Gip, which belongs to the agent and maritime terminal operator Luigi Negri), Shipping Investment (Francesco Izzo) and L19 (belonging to the Clessidra Fund owned by Claudio Sposito). Onorato and Sposito have been at loggerheads for several months and they have both asked for arbitration. In this period, different views have emerged regarding the statutory management of Tirrenia, and the possible eventual exit of Clessidra from the stockholder’s list. Onorato is accusing Clessidra, which is a financial fund, of moving with purely speculative intention, without an actual business plan. According to the ad published by Onorato in September, Clessidra was the one that derailed the merger between Moby and Tirrenia. Clessidra’s spokesman has already pointed out that the merger was stopped by the Antitrust Authority. Another topic of contention is the plan to cut some lines, which led in August to a redefinition of the agreement with the State for the Sardinia routes. Onorato is against the cuts and instead he intends to develop the business. Another weighty topic is the conditions for the eventual release of Clessidra from the company. According to rumours, Onorato had wanted to buy Clessidra’s share for 67 million, while Clessidra would demand between 70 and 80 million. The last board meetings of Moby and Tirrenia (respectively on 18th and 20th November) have confirmed that the rift will be difficult to heal and that the two contenders reserve the right of further legal action. According to “MF” Moby gave a mandate to its managing director, Luigi Parente, to evaluate possible legal action for both civil and in criminal proceedings. More than 60% of Moby is controlled by Onorato Investments, while Clessidra (through L19) holds 32%. According to a shareholder agreement, Clessidra has the right to veto certain strategic decisions of the company. Clessidra and Moby are also partners in Cin-Tirrenia with 40% and 35% respectively. The other partners are Gip (15%) and Shipping Investment (10%).