Management not charting buyout of shipping group ICG, says Rothwell

A FRESH management buyout bid at ferry and freight services group Irish Continental (ICG) is unlikely to materialise in the foreseeable future.

Speaking after the group’s annual general meeting in Dublin yesterday, chief executive Eamonn Rothwell said that he had “no current intention” of launching another bid and the issue is “not an agenda item at the moment”.

Similarly, Mr Rothwell said it was not his place to comment on last week’s move by the One-51/Doyle Shipping-led Moonduster consortium to sell its 12.5% stake in ICG for about €47 million.

Moonduster and the ICG management-led Aella group waged a failed and costly battle for control of the business three years ago.

Mr Rothwell said it was “difficult to comment” on the question that ICG may still be a takeover target within the shipping industry.

The Irish Ferries owner remains “a good business”, he said, adding that his only focus is on the management of its bottom line.

In terms of the group making its own acquisitions, Mr Rothwell said that while he always watches the sector, nothing is imminent.

He did suggest management would be more interested in takeover opportunities based in Britain and Ireland, rather than any located in the Mediterranean.

That said, Mr Rothwell said there was no immediate need to make any capital investment in ICG’s fleet.

Last month, ICG reported a loss of €1.2m for the first four months of this year and it said it was uncertain about its full-year financial prospects, due to rising fuel costs.

However, Mr Rothwell downplayed pressure for the company to hedge on its costs, saying there was little point in the short term.

He reiterated ICG’s call for Dublin Port to cut costs for commercial users, such as Irish Ferries and Eucon, urging it to introduce a volume discount deal.

On the broader economy, Mr Rothwell said he expected to see no growth this year and that 2012 is “too far away” to make predictions.