Ernst Russ Sells Marenave Schiffahrts Stake

 

"The focus of the Ernst Russ Group’s work was on restoring the business activities and realigning Marenave Schiffahrts AG in the maritime sector. This was concurrent with the strategic approach of Ernst Russ Group and offered potential to enter into a successful partnership," said a statement from the company.

 

After acquiring a larger block of shares in January 2018, Deutsche Balaton AG held a total of 21.34 % of all shares. The differing views of both major shareholders, Ernst Russ Group and Deutsche Balaton AG, regarding the business model and the strategic realignment of Marenave Schiffahrts AG, made the constructive and target-orientated implementation, required for the company, difficult.

 

In light of the above, Ernst Russ Group made a conscious decision to withdraw from Marenave Schiffahrts AG, resulting in an outcome that was satisfactory for all parties. The Ernst Russ Group will continue to systematically pursue its strategy and drive forward promising alternatives with strategic partnerships in the maritime sector.

 

All parties involved have agreed not to disclose the details of the Transaction.

 

Meanwhile,  Marenave Schiffahrts was informed by Deutsche Balaton AG, Heidelberg, that Deutsche Balaton AG has increased its stake in the Company to 51.69% of the voting rights after having purchased further shares. Therefore, Deutsche Balaton AG has gained control over the Company.

 

Deutsche Balaton AG intends to render a mandatory tender offer to the Company’s other shareholders.