MIG Denies Engaging in Talks for Hellenic Shipyards

Despite rumors to the contrary, Marfin Investment Group (MIG) has announced that it is not engaged in talks with ThyssenKrupp Marine Systems to acquire Hellenic Shipyards (HSY). MIG went so far as to state that they were not interested in Hellenic Shipyards or any other shipyards in Greece.

The rumors of MIG’s potential interest began when a Greek website claimed that the investment firm had joined forces with an unnamed French company to buy out ThyssenKrupp Marine. The site claimed that the German owners of the shipyard wanted to sell due to a contract dispute with the Greek government. To date, ThyssenKrupp Marine Systems has had no comment on the issue.

Marfin Investment Group (www.marfininvestmentgroup.com)
Marfin was founded in 1998 under the name Marfin E.P.E.Y., with the original investment strategy of focusing on the Greek banking sector. These investments matured and realized the formation of Marfin Popular Bank in 2006. The company divested itself of its banking assets in May 2007 and separated from Marfin Popular Bank.

Marfin’s current investment strategy is based on the principle of investing in already sound businesses with a goal of consolidating fragmented industries. Their six main sectors of investment are financial, food & beverage, healthcare, hospitality & leisure, information technology, and shipping & logistics.

Institutional investors from Dubai account for approximately 38% of Marfin shares, domestic institutional investors about 15.5%, and the remaining shares are owned by foreign institutional investors and others.

Marfin completed a € 5 billion capital increase in 2007, and along with the sale of Marfin Popular Bank realized a tremendous return for its investors.