Italian cruise ship company to buy 50% stake in Palumbo shipyard

Competition authority evaluating tie-up between MSC Cruises and Palumbo Shipyard

Palumbo was given a 30-year lease to invest €31 million in the ship repair facilities
Palumbo was given a 30-year lease to invest €31 million in the ship repair facilities

Italian cruise ship company MSC is eyeing the purchase of a 50% stake in Malta’s Palumbo Shipyard.

The information was divulged by the Malta Competition and Consumer Affairs Authority that issued a notification of market concentration for public feedback.

“The nature of the concentration is an acquisition of joint control by MSC Cruises S.A. of Palumbo Malta Shipyard Limited and Palumbo Shipyard Limited,” the authority said.

Palumbo took over the remnants of the State-owned Malta Drydocks when this was disbanded 10 years ago. It acquired a 30-year concession to run the Bormla shipyard and eventually the yacht repair facility.

The shipyard includes Dock 6, also known as the Red China Dock, which is one of the largest dry docks in the Mediterranean.

MSC operates cruise ships that also use Valletta as a stopover port.

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