Fratelli Neri, together with its subsidiary Compagnia Impresa Lavoratori Portuali, has taken control of Terminal Marittimo Livorno, the company set up in January 2016 by Livorno Terminal Marittimo Autostrade del Mare, part of the Moby group, to manage the operational branch of Darsena Uno at the port of Livorno. The transaction, for an undisclosed amount, brings Neri and Cilp’s combined holding in the new company to 66.67%, while Ltm remains a minority shareholder with 33.33%. The Autorità Garante della Concorrenza e del Mercato (Italian Competition and Market Authority) reviewed the deal and did not intervene: in measure number 32042, adopted on 4 August 2026, it established that the concentration does not exceed the turnover thresholds that trigger the requirement for prior notification, ruling that there was no need to proceed.
The transaction is structured in two stages. In the first, Ltm transfers to Tml the business unit relating to port activities carried out at Darsena Uno, followed by a capital increase at Tml reserved for Fratelli Neri and Cilp. According to the Authority’s reconstruction, however, control is not joint: the rights granted to Ltm as a minority shareholder do not give it veto power over the company’s strategic or commercial decisions, leading the Authority to attribute exclusive control to Fratelli Neri.
The operational scope covers an area of around 88,000 square metres used mainly for ro-ro traffic, including handling, yard operations and the storage of rolling cargo. The administrative scope must be distinguished from this: Ltm’s occupation of the state-owned areas is currently based on a temporary authorisation covering 81,124 square metres between Darsena Uno and Calata Bengasi, issued by the Autorità di Sistema Portuale del Mar Tirreno Settentrionale (Port System Authority of the Northern Tyrrhenian Sea) with effect from 19 January 2026 and expiring on 31 December of the same year, pending the launch of the procedure for a multi-year concession under article 18 of Legge 84/1994 (Law 84/1994). A portion of that surface area, equal to 18,000 square metres, also remains available to Lorenzini & C under a takeover arrangement obtained in 2024.
For Moby, which through Ltm had held the concession for the area until the title expired last December, the transaction marks a shift from direct management to a minority shareholding: the company remains part of the Darsena Uno industrial project, but without the instruments to determine the terminal’s budget, investments or commercial policies independently.
The Neri group is thus expanding its presence in Livorno terminals dedicated to rolling cargo, where it already operates through Sintermar, the 50:50 joint venture with Grimaldi. The concessions relating to Sintermar Darsena Toscana and the connected Sintermar Spa were formalised in July by the Autorità di Sistema Portuale del Mar Tirreno Settentrionale (Port System Authority of the Northern Tyrrhenian Sea) until 31 December 2028: around 47,500 square metres on the western quay of Darsena Toscana for ro-ro and ro-pax traffic, plus a further 24,950 square metres between via Galvani, via Leonardo da Vinci and the Canale Industriale. The procedure for the multi-year award of Darsena Uno remains to be defined, and the port Authority will have to launch it before the current temporary authorisation expires on 31 December 2026.
Antonio Illariuzzi
