Giant cruise ship company MSC is planning to buy a 50% stake in Malta's Palumbo Shipyards.

The plans were announced in a notification by the Office for Competition in terms of the  Control of Concentrations Regulations law

"The nature of the concentration is an acquisition of joint control by MSC Cruises S.A. of Palumbo Malta Shipyard Limited and Palumbo Shipyard Limited.

"The economic sectors involved concern cruise operators and naval repair," it said.

The office invested interested third parties to submit objections within a week.

Palumbo took over the former Malta Shipyards 10 years ago when it was granted a 30-year concession by the Maltese government. 

Last year, Antonio Palumbo, who founded the shipyard, said that over the past years, various investments were made with “the next phase” in mind. He spent much of the early years bringing the yard up to date, literally clearing out years of neglect.  

However, the key to the yard’s success would be how well it positioned itself to offer something to differentiate itself from the rest, he said.

Mr Palumbo described the Malta facilities as the best yard in the Mediterranean – and in the world within two or three years – but he acknowledged that the most important factor is to offer something extra.

Palumbo Malta Shipyard has been recognised as one of the leading shipyards in cruise ship refitting.

The yard' said it was not prudent to comment on its plans for the time being until everything has been finalised.

Geneva-based MSC Cruises is part of the Mediterranean Shipping Company  (MSC), the world's second-biggest container shipping operator