SHIPBUILDING: Privatisation of “3. Maj” Shipyard

The government approved the final acquisition offer by the Uljanik (Pula) shipyard to purchase 83.3% shares of the 3. Maj (Rijeka) shipyards for the price of €0.13 per share or €10 million.  Up to 25% shares will be offered to workers through an ESOP option.

Uljanik wants to acquire only the core shipbuilding business, while 4 sister companies – Motori, Tibo, Hospitality, and STN – will be packaged into portfolios to be managed by the Agency for the Management of State Property (AUDIO).

The offer has been sent to the Croatian Competition Agency (AZTN) and the European Commission for review and approval.  The privatisation of Croatia’s shipbuilding is a precondition for EU membership…

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