Fincantieri to purchase 50.7% of STX Offshore

 fincantierianconaw
fincantierianconaw
Published on

According to Korean sources familiar with the matter and as reported by Italian newspaper Il Secolo XIX,  the transaction between state-owned Italian shipbuilder Fincantieri and South Korean offshore shipbuilding firm STX OSV would near completion within weeks.

The Italian group have completed the due diligence phase, and STX should announce the results of the talks by October – the time needed to lay down all the details of the contract.

The acquisition of the Norwegian company is estimated to cost Fincantieri around 623 million Euros. Controlled by the Korean chaebol subsidiary STX Shipbuilding, the company comprises nine yards in four countries, over 9,200 employees, a 14% EBITDA margin and an annual turnover of 1.7 billion dollars.

Fincantieri will enter into STX Offshore with a controlling stake of 50.7% of shares. The company is listed on the Singapore Stock Exchange, and on the basis of the rules of this market, the Italian shipyard will then have to exercise compulsory takeover bid on the remaining stocks.

Experts agree that the whole operation could cost over 1.2 billion Euros.

Matteo Bianchi

{WISroYQ symbol='MS7.SI'}

Related Stories

No stories found.
logo
Baird Maritime / Work Boat World
www.bairdmaritime.com