Trench warfare and the big hotel coincidence for Intrakat

By Eleni Bota

At the same time, in the same hotel and at the same price, the signatures were signed for the acquisition by shipowners Bako – Kaimenakis and Gotsi – Angelou of 31.7% and 29.3% of Intrakat, respectively.

According to information, the above happened last Tuesday in a central hotel in Athens, when the deal for the acquisition of the construction group was announced by the two groups of shipowners, who claim that they are not acting in coordination since otherwise they would have to proceed with the submission of a public proposal for the acquisition of all the company’s shares by the shareholders.

However, one week later, the noise that has erupted about the way the acquisition of Intrakat’s shares was done by the 4 shipowners does not seem to stop.

Stock market circles report on Capital.grthat the “plunge” of the stock, when the takeover was announced, cannot be characterized as just a coincidence, as instead of converging with the price of 2.95 euros per share offered by the shipowners Bakos and Kaymenakis to Intracom, it fell to 2, 20 euros.

According to the same sources, the reason is simple. The market expected that what the law provides would happen, that is, that they would buy the entire percentage, but also the percentages of the other main shareholders.

Reasonably, as market circles argue, the question arises. Were 4 shipowners found by chance, talking to different shareholders at the same time, without consulting, coordinating, and even offering the same price? The Capital.gr from the first moment of the announcement of the deal, he asked about the obligation of a public proposal and coordination of persons to get a negative answer. “Bilateral discussions were held with the prospective sellers and buyers, and they resulted in similar agreements to those that Winex made with Intrakom Holdings, since apparently their participation as well as the sale from the sellers’ side was directly affected by the outcome of the discussions between Intrakom Holdings and Winex,” sources close to the two said ship owners.

However, the case acquires particular weight as sources with knowledge report to capital if we look at what the shipowners Bakos and Kaymenakis did when they were shareholders of ELLAKTOR.

The two shipowners had submitted complaints to the Capital Market Commission for the existence of coordination between the Dutch Reggeborgh and the investment fund Atlas.

According to what they complained at the time, strongly protesting, Reggeborgh with a 30% stake in ELLAKTOR and the Atlas fund with a 10% stake acted in concert, therefore requesting a public offer for ELLAKTOR.

For reasons of moral order alone, the same sources note, the shipowners should file a public proposal (albeit optional) in order to show “that they are not doing what they accused others of doing”.

The role of D. Koutras

Apart from the agreement for the acquisition of the shares of the remaining main shareholders, the former INTRAKAT Vice President Dimitrios Koutras (participating with a percentage of 8.13%) remained. Mr. Koutras is considered one of the most experienced construction executives in Greece, having had a particularly successful career in Aktor in the past.

At the same time, as emerged yesterday from the proposal for the new members of the management of Intrakat, Mr. Koutras remains out of the role in the next day of the construction Group.

According to information, he will abstain from the next general assembly on Friday, July 15.

For the reasons why the former Intrakat executive was left out of the agreement and out of the role, there are many scenarios heard in the market and many interpretations are given.

On the one hand, many argue that acquiring his share would lead to a public offering, which the buyers avoided by making the aforementioned moves.

Others, recall differences of the past when D. Koutras and A. Exarchou had strongly opposed each other, when the latter was the main exponent of the Ghange For Ellaktor movement.

Sources close to Mr. Koutras, who since January 2019, when he acquired 20% of Intrakat, managed to “change category” the construction Group, increasing from 300 million to 1.1 billion the backlog of signed contracts, report that his exclusion from the new scheme is likely due to “different targeting for the next day of the manufacturing Group”.

Finally, the same sources state that at this stage, Mr. Koutras does not intend to “start a war or find himself in a conflict with the new administration, however he will take whatever steps are necessary to defend his interests”.