August 13 (SeeNews) - Croatia's financial regulator, HANFA, has approved the launch of a takeover bid by Italy's Palumbo Group for the 59.48% interest it does not yet own in Croatian shipbuilder Brodogradiliste Viktor Lenac [ZSE:VLEN], the latter said on Monday.
Palumbo Group will bid jointly with Malta-based peer P&L Shiprepair Holding Limited S.p.A. with whom it controls 40.52% in the Croatian company, Viktor Lenac said in a filing to the Zagreb Stock Exchange.
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Palumbo Group holds 18.24% interest in the Croatian company, while P&L Shiprepair Holding Limited S.p.A. controls a 22.28% stake.
Palumbo Shipyards, with headquarters in Naples, has been in the shipbuilding industry since 1967. It is owned by Antonio Palumbo and his wife, while their sons control P&L Shiprepair Holding Limited S.p.A.