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Italy's Palumbo Group, partner to launch buyout bid for Croatia's Viktor Lenac

Italy's Palumbo Group, partner to launch buyout bid for Croatia's Viktor Lenac Anja Pietsch/CC by 2.0

ZAGREB (Croatia), June 13 (SeeNews) - Italy's Palumbo Group and Malta-based peer P&L Shiprepair Holding Limited S.p.A. are set to launch a buyout bid for the 59.48% stake they do not yet own in Croatian shipbuilder Brodogradiliste Viktor Lenac [ZSE:VLEN], the latter said on Wednesday.

Palumbo Group holds a 18.24% stake in the Croatian company, while P&L Shiprepair Holding Limited S.p.A. controls a 22.28% stake, Viktor Lenac said in a Zagreb bourse filing.

Together, the two companies hold a 40.52% stake, which obliges them to launch a buyout bid under Croatian law.

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..

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