Tirrenia Privatization Off Again

The financial holding company of the Italian state, Fintecna, has announced it has decided against the privatisation of ferry operator Tirrenia. The decision follows the failure of the only declared bidder for the group, Mediterranea Holding di Navigazione, to meet the deadline by which a contract had to be signed. Tirrenia, which has been in the red for a number of years, employs 3,500 staff and operates ferry services between major Italian ports as well as to Sicily, Sardinia, Tunisia, Albania and Croatia. Its fleet includes several freighter vessels. Mediterranea Holding, which made an offer of €25 million (US$33m) for Tirrenia, as well as taking on its debts estimated at €520 million, had asked for more time to negotiate with its banks but Fintecna turned down the request.

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