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3 clusters · 17 sources · 31 days · First seen about 1 month ago · Last updated 13 days ago

Kuzey Star acquisition of Uljanik shipyard

Overview

The Center for Restructuring and Sale (CERP) has selected the Turkish company Kuzey Star Shipyard Denizcilik to acquire a 97.13 percent controlling stake in Uljanik Brodogradnja 1856 in Pula, Croatia. Kuzey Star submitted a binding offer of €12,053,500, which exceeded the initial asking price.

A competing bid from Luxembourg-based Mira Finance Capital Holding was disqualified because the required bid security of approximately €111,000 was never credited to the CERP account. Under the terms of the agreement, Kuzey Star has committed to maintaining core shipbuilding, ship repair, and floating structure production activities within the shipyard’s concession area.

Because Kuzey Star is headquartered outside the European Union, the acquisition is subject to a mandatory foreign investment review by the Croatian Ministry of Finance under the Foreign Investment Screening Act. To support the transition, the Croatian government has approved a €1.85 million loan to Uljanik Brodogradnja 1856 to manage operating disruptions and facilitate the completion of the sale.

The acquisition has since been finalized at the Croatian Ministry of Economy. Under the signed agreement, Kuzey Star Shipyard Chairman Tuncay Imral announced plans to modernize the facility with a focus on new technologies and the development of hybrid and environmentally friendly vessels. The stated goal is to return the Pula shipyard to the forefront of the European shipbuilding industry.

Croatian Minister of Economy Ante Šušnjar described the sale as a “turning point” that could signal a “renaissance for the national shipbuilding industry,” facilitating a shift from state subsidies toward profitable, private-sector-led growth. The investor intends to preserve the company’s 170-year tradition while restoring its competitiveness within the European market.

Entities

Kuzey Star Shipyard · Pula · Uljanik Brodogradnja 1856 · Ante Šušnjar · Centre for Restructuring and Sale

Claims

What the coverage asserts, and how many sources carry each claim.

[● 4 SOURCES] Kuzey Star Shipyard is purchasing 97.13 percent of the core capital of Uljanik brodogradnja 1856.
[● 4 SOURCES] The contract is worth slightly more than 12 million euros.
[● 4 SOURCES] Milan Plećaš, director of the Center for Restructuring and Sale, signed the contract.
[● 4 SOURCES] Tuncay Imral, Chairman of the Board of Kuzey Star Shipyard, signed the contract.
[● 4 SOURCES] The investor committed to continuing shipbuilding, vessel repair, and all related activities in Pula.
[● 4 SOURCES] Minister of Economy Ante Šušnjar stated the Center for Restructuring and Sale accepted the Turkish offer because it was the highest.
[○ 1 SOURCE] The investor plans to invest in new technologies, including hybrid and environmentally friendly ships.

Timeline

13 days ago

[BUSINESS] 12 sources
Kuzey Star Shipyard acquires Uljanik brodogradnja 1856
Turkish Kuzey Star Shipyard has acquired a 97.13% stake in Croatia's Uljanik brodogradnja 1856 for over 12 million euros, pledging to modernize the Pula shipyard and focus on green vessel technology.
15 days ago

[BUSINESS] 2 sources
Kuzey Star Shipyard bids €12 million for Croatian shipyard Uljanik
Istanbul-based Kuzey Star Shipyard has submitted a €12 million bid to acquire a 97.13% stake in Croatia’s Uljanik Brodogradnja 1856, pending regulatory approval.
about 1 month ago

[BUSINESS] 3 sources
Kuzey Star selected to acquire Uljanik shipyard in Pula
Turkish shipyard Kuzey Star has been selected to acquire Pula-based Uljanik Brodogradnja 1856 for over 12 million euros, following the disqualification of a Luxembourg-based bid.

Sources

bairdmaritime.com · biznis.kurir.rs · bokanews.me · emlakdream.com · financije.hr · fiuman.hr · glas-slavonije.hr · glasistre.hr · index.hr · lider.media · n1info.hr · novac.jutarnji.hr · novilist.hr · nsuzivo.rs · ogportal.com · poduzetnistvo.org · poslovni.hr

This summary has been updated 2 times: see revision history