Cruise operator giant MSC Cruises is expected to acquire 50 per cent of Palumbo Malta Shipyard in a deal maritime industry sources say will have positive economic benefits for Malta.

The venture, the sources add, is likely to contribute to Malta’s growth and have huge economic resonance in the region.

Palumbo Malta Shipyard, celebrating its 10th anniversary in Malta, was placed among the top three worldwide in the cruise ship refitting, and contributed substantially to Malta’s economy.

The Palumbo Group positioned itself among the top global players in the superyacht sphere, and the partnership with MSC ties in with the company’s vision to transform the Cottonera shipyard into one of the best in the world.

“We feel it is not prudent to comment for the time being until everything has been finalised,” a spokesman for the Palumbo Group said.

In an official notice issued on Tuesday in line with legal requirements, the Director General of the Office for Competition said that a notification of a concentration between MSC Cruises SA, Palumbo Malta Shipyard Ltd and Palumbo Shipyard Ltd was filed on 5th February 2020. The nature of the concentration is an acquisition of joint control by MSC Cruises of Palumbo Malta Shipyard Ltd and Palumbo Shipyard Ltd.

The Director General invited interested third parties to submit any written objections on the notified concentration within seven days from publication of the notice.