Italy’s competition authority has ordered MSC to unwind its controversial foothold in rival ferry operator Moby, in a rare case where financial and ownership links — rather than explicit cartel behaviour — triggered antitrust intervention.
SAS, the Luxembourg-based holding company for MSC’s ferry arm GNV, will relinquish its entire 49% stake in Moby back to the Onorato family without receiving any payment, and will also abandon a pledge over the remaining 51% that had been granted as collateral for a €243 million loan. The Italian Antitrust Authority (AGCM) opened the probe last year after warning that the arrangement risked softening competition on key passenger and freight routes between mainland Italy, Sardinia and Sicily — markets effectively dominated by just a few operators.
To sever all influence, Moby will now be required to repay the SAS loan through the sale of non-strategic assets in a transparent auction run by an independent third party. If the proceeds are not enough, any remaining debt must be sold only to an unrelated buyer and under conditions that guarantee Moby’s financial viability. The regulator stressed that the goal is to eliminate SAS’s leverage, not destabilise Moby’s operations.
In an additional concession, both Moby and GNV will issue partial refunds or vouchers to passengers who bought tickets before 16 July 2025 on affected Sardinia and Sicily routes — an unusual, consumer-facing remedy in a competition case.
The AGCM concluded that the commitments “eliminate in full” the structural and financial ties that could have facilitated coordination between the two groups, while preserving service continuity on strategic national routes.
