Italian Court Sides with Grimaldi and Suspends Sale of Moby Ferries to MSC

An Italian administrative court issues a temporary suspension of the pending sale of five ferries from Moby Lines to MSC’s SAS division as part of a settlement of antitrust issues. The court found merit in a filing by the Grimaldi Group, signaling a new twist in the long-running rivalry between the Grimaldi and Aponte family interests.

Grimaldi, which operates ferries in the Mediterranean, has long opposed the efforts by the Aponte’s MSC to acquire Moby Lines, another Italian ferry company. Grimaldi filed the complaint against the acquisition of Moby by MSC’s SAS division and continued to fight against the proposed settlement after Italy’s Competition Authority ruled the acquisition of Moby by MSC would negatively affect competition on the ferry routes.

The Competition Authority accepted a proposal for Moby to auction five ferries to raise funds to repay a loan provided by MSC in 2023 to keep the ferry company in business. Moby, which is controlled by the Onorato family, has been in financial difficulties since the acquisition of Tirrenia ferries. The Onorato group agreed to sell a 49 percent stake in Moby to MSC and grant an option for the remaining shares. The Competition Authority, however, earlier this year ruled against the combination, citing MSC’s ownership of another ferry company, GNV (Grandi Navi Veloci), and the likelihood of decreased competition, which would hurt travelers.

The auction of the five ferries was completed online on December 2, with MSC emerging as the only bidder. The terms required that two of the ferries be chartered back to Moby for 15 years. The other three ferries were expected to transfer to GNV.

Moby had said it would use the proceeds to repay a loan from MSC and restructure its operations. It admitted that service would be reduced on some routes but said it would emerge as a financially solid company, better positioned for growth and to service the markets.

Grimaldi filed another protest against the transactions, arguing to the Lazio Regional Administrative Court that the sale of the ferries to MSC would have “immediate and irreversible effects on the market.” They contended that the sale would distort competition on the Naples-Palermo and Sardinia routes.

The court found for Grimaldi and issued a suspension, as a precaution, on the completion of the sale and the signing of the sale documents. A hearing on the matter has now been scheduled for December 19.

As part of the settlement agreement, MSC also agreed to relinquish its 49 percent stake in Moby back to the Onorato group. The companies also agreed to compensate travelers on the ferries.