The open public tender for 21% of the share capital of the Thessaloniki Port Authority (ThPA.) by LeonidsPort B.V. of the Louis-Dreyfus business family is turning into a difficult challenge.
On the one hand, a strong “bra de fer” is underway between the Franco-Swiss and the major shareholder of ThPA Ivan Savvidis, who continues to buy shares at a price higher than the price offered by Dreyfus.
On the other hand, based on the regulations of the Athens Stock Exchange for the free float of listed companies on the Main Market, with the transfer of an additional percentage of 2.5% from the Dreyfus side and/or the Savvidis side, ThPA will be called upon to make critical decisions about its future on the stock market. Given that the market value of the ThPA exceeds 200 million euros, according to the regulations of the ATHEX, there must be a free float of shares of 15% (for already listed companies, the limit on float will apply from July 1, 2025 and will be calculated based on the average float of the first half of the year).
On the date of the announcement of the public tender (January 10), the free float amounted to approximately 21% – specifically 20.88% – with major shareholder Ivan Savvidis controlling 71.85% of ThPA through Belterra and the Greek state participating with 7.27%.
Since then and until January 22, Ivan Savvidis has increased his percentage to 72.69% by purchasing shares of the ThPA at prices higher than the price of 27 euros per share offered by LeonidisPort B.V. of the Franco-Swiss Louis-Dreyfus. The latter have purchased up to that date shares representing 2.58% of the share capital and voting rights of ThPA, consequently the free float of shares on January 22 had already decreased to 17.46%, while only 2.5% remains for the Dreyfus to exceed the 5% ceiling that will include them among the main shareholders.
Based on the above data, if either the Savvidis side or the Dreyfus side acquires an additional percentage of 2.5%, a problem automatically arises based on the ATHEX regulations regarding free float and the company will either have to be transferred to another market, e.g. from the Main to the Alternative Market, or face the exit door from the board, depending on what its shareholders decide. However, the exit of ThPA from the Stock Exchange can only be done with the consent of the Greek state, i.e. now the Superfund.
A reasonable question, of course, is why someone would sell shares to the Dreyfus side at 27 euros when the Savvidis side offers a higher price, but also what stance will take CMA CGM, which participates by 33% in the SEGT Consortium, owning 67% of the 72.69% of ThPA controlled by Belterra.
