Changes in HFD on the horizon

Hellas Flying Dolphins (HFD) is attracting prospective buyers and important developments may take place as early as next week. According to well-placed sources, Piraeus Bank has been acquiring shares and is in talks with other shareholders over a change of management. HFD is holding its annual general meeting next Thursday and important decisions are expected to be taken there. Maritime firm Sea Containers has expressed an interest in Minoan Lines’ 32 percent stake in HFD, offering 2.50 euros per share. Minoan countered by asking for 3 euros per share. No further progress has been made; however, market insiders say the two firms may be close to an agreement, either for all of Minoan’s share or part of it. The same sources say that changes in HFD management should be expected. They think it is possible that Gerassimos Strintzis, who resigned three days ago as chairman and CEO of Blue Star Ferries, may take over as CEO of HFD. «I do not know if Strintzis will take over (as CEO) since it is the shareholders who will have the final say at the AGM,» said a market insider. «I do think, however, that if he does take over, this will have a positive effect on the company,» he added.