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3/12/2007
Moussas & Tsibris advises on the acquisition of equity stakes in Minoan Lines SA and Hellenic Seaways SA
Sea Star Capital Plc has reached an agreement whereby it acquired 18.481.487 ordinary shares, representing 26,05% in the share capital of Minoan Lines S.A. («Minoan Lines»), which is listed on the Athens Exchange, for €92.407.435, or €5,00 per share and 26.935.378 ordinary shares, representing 34,70% in the share capital of Hellenic Seaways S.A. («Hellenic Seaways») for €154.878.423 or €5,75 per share.
The Company has also acquired 461.000 additional shares of Minoan Lines for €2.305.000, or €5,00 per share. Following this, the Company’s participation in Minoan Lines stands at 18.942.487 ordinary shares, or 26,71% of its share capital.
The total consideration for the aforementioned participations amounts to circa €249,6 million.
Moussas & Tsibris advised the purchaser on all aspects of the transaction.
Minoan Lines was established in 1972 and is engaged solely in the operation of passenger ferries, both domestically (Piraeus – Heraclion route) and internationally (northern Adriatic Sea routes connecting Patras-Ancona and Patras-Venice) through its fleet of six (6) vessels.
It is noted that Minoan Lines holds 33,31% of the share capital of Hellenic Seaways. Hellenic Seaways is engaged in the operation of passenger and Roll-on – Roll-off (RoRo) vessels since November 1999, through its fleet of 30 ships.
3/12/2007
Bond scandal case
Moussas & Tsibris successfully represented one of the largest state pension funds (TEADY) in a temporary injunctions procedure recently, in respect of a case which has engulfed the economic and political life of Greece. The fund seeks to secure its claims for damages deriving from a series of harmful bond transactions by a Greek brokerage firm, which was selling bonds to the fund at inflated prices. Following a hearing on 26.4.2007 the judge issued a temporary restraining order against directors and officers of the stockbroker firm ACROPOLIS, all allegedly involved in the wrongdoing against the state fund. The operation of ACROPOLIS has already been suspended by the Hellenic Capital Market Commission. The fund is estimating its damages at approx. € 10 million in excess commissions and spreads, but it is feared that the damage could be even higher. The injunction petition was heard by the Court on 1.8.2007 and the judgment subsequently issued ordered the requested measures against the management of ACROPOLIS.
Read also
http://www.ft.com/cms/s/e7f22ef0-f82b-11db-baa1-000b5df10621.html
29/03/2007
Moussas & Tsibris advises Mytilineos on EUR 1.2 billion joint venture to create largest independent power operator in the Greek Market
Moussas & Tsibris is advising Mytilineos Holdings S.A., the Greek metallurgical and engineering company, on the joint venture with Endesa, the largest Spanish electricity company, to create the largest independent power operator in the Greek market and expand into Southeastern Europe. The new company will have an initial enterprise value of EUR 1.2 billion. The deal closed in Madrid on March 26, 2007. The scope of the new company includes the construction and operation of thermal power stations (natural gas and coal), renewables (wind parks, hydro and photovoltaic) as well as electricity and CO2 emissions trading. Gradual retail penetration is also foreseen after the opening up of EU markets in July 2007. The Moussas & Tsibris team was led by partner Nicholas Moussas. Securities’ expert partner M. Tsibris advised on particular aspects of the transaction. Allen & Overy also provided assistance with energy partner Tim Schilling and his team. The legal teams were coordinated and instructed by Mytilineos in house Head of Legal Dimitris Diakopoulos.
For further information please contact:
Nicholas D. Moussas (nm@moussastsibris.gr) on +3 0 210 3392073 ext. 102.
21/03/2007
Supreme Court ruling in favour of Mytilineos HoldingsMoussas & Tsibris won a landmark insurance case representing Mytilineos Holdings S.A vs. “the Export Credit Insurance Organization (OAEP)”.The firm successfully handled the claim against the export insurance organisation , seeking compensation for damages suffered as a result of Mytlineos’ infringed investment in Kosovo. Breach of contract by Mytilineos’ counterparties in the investment agreement were covered by the insurance contract between Mytilineos and OAEP. The case, which was affirmed in all instances through the Supreme Court, is now irrevocably ruled in favour of Mytilineos. . The total compensation amounts to ca € 30 million. M&T partner Nicholas Moussas who led the team, was assisted by junior partner Vassilios Moussas and associates of the firm. Nicholas Moussas had been advising Mytilineos since the early stage of negotiations with the Yugoslavian enterprises for the setting up of its investment in Kosovo, as well as during negotiations with OAEP for the conclusion of the insurance contract which was actually the object of the dispute.
1/3/2007
Allianz HellasPartner Michael Tsibris has been appointed Chief Legal Counsel of Allianz Hellas. Allianz has a strong presence in Greece, with a an insurance company which appears within the top-10 of Greek firms both in Life, as well as in P&C, and an asset manager which administers a number of UCITS mutual funds. The insurance practice of the firm has been particularly strong in the recent years and is expected to further be strengthened following this appointment, on the regulatory as well as the litigation side.