Doubt cast on deal for ANEK Lines

Concern is growing among ferry operator ANEK Lines’ employees, creditors and suppliers about the completion of its rescue by Attica Group, following indications that the Competition Commission will request commitments from Attica that may change the economic logic of the deal, thereby alienating the largest Greek ferry company from discussions on an agreement.

There are indications not only from the recent announcement of the watchdog, which spoke of a concentration that “raises serious doubts as to the compatibility with the requirements of competition in individual markets and possible distortions in the market for the provision of maritime transport services,” but also from public statements or leaks from rivals, especially Minoan Lines and Seajets. That is despite ANEK and Attica operating jointly on routes to Crete and in the Adriatic, essentially the only ones ANEK has been active in since 2011.

With the regulator likely to request commitments from Attica Group in mid-June, when the work of the rapporteurs will have been completed, the share exchange relationship between ANEK and Attica is in doubt.