The shipping company FRS has taken over the Motril-Melilla ferry route from Navieras Armas after Acciona sold Transmediterránea to the latter.
The Comisión Nacional de los Mercados y la Competencia (Spanish competition authorities) gave the green light to the conglomerate group, Acciona to sell Transmediterránea to Navieras Armas, on condition that they relinquished the said Motril-Melilla route, as well as the ferry route between Huelva and the Canary Islands.
The reason for this is that there were only two ferry companies working the Canary Islands; Navieras Armas and Transmediterránea, therefore if they were to merge, it would give a N.A. a monpoloy on that route.
In the case of the Motri-Melilla connection, the competition authorities considered that although the disappearance of Transmediterránea wouldn’t give N.A. a monopoly, it did mean that a major competitor had left the equation.
Acciona had reached an agreement last year to sell its 92.7% stake in Trasmediterranea to the Naviera Armas Group. Acciona’s stake is being sold for 260-million euros, and the buyer will assume 127-million euros of debt owed by Trasmediterranea to Acciona group companies.
In conclusion, to avoid the monopoly laws, Navieras Armas‘ absortion of Transmediterránea meant that it had to cede these two ferry routes and FRS very quickly took over the Motril one.
(News: Motril, Costa Tropical, Granada, Andalucia)