Fincantieri Closes In on STX France’s Acquisition

Image Courtesy: Fincantieri

Italian shipbuilder Fincantieri has reached an agreement in principle with the French government on the acquisition of its rival company STX France.

“This agreement also confirms Fincantieri’s long-standing and fruitful collaboration in the naval segment with the French company DCNS. Fincantieri will continue to work with its counterparties to negotiate and conclude the final agreements,” the Italian shipbuilder said in a statement.

The comment was issued following the statements of the State Secretary for Industry of the French government, Christophe Sirugue, who confirmed the deal earlier today.

Under the deal, Fincantieri will acquire a 48 percent stake in STX France, while France will retain its 33 percent stake in the shipyard. Fondazione CR Trieste, will support the deal as an independent investor, taking up to 7 percent stake in the yard while DCNS would take the remaining 12 percent.

The Italian shipbuilder would stay a minority shareholder in the Saint-Nazaire company for at least eight years.

As part of the South Korean STX Offshore and Shipbuilding, the company was put up for sale after the financially troubled conglomerate decided to file for a court-led restructuring in May 2016. Initially, a controlling stake of 66.6 % of the French-based company was put up for sale and Fincantieri was selected as the preferred bidder for the French yard. However, as the unions opposed the privatization, a minority stake remained on sale.

If completed, the acquisition of STX France, which specializes in building cruise ships, is expected to boost Fincantieri’s position in the cruise segment.

World Maritime News Staff

Share this article

Follow World Maritime News

In Depth>

Events>

<< Apr 2017 >>
MTWTFSS
27 28 29 30 31 1 2
3 4 5 6 7 8 9
10 11 12 13 14 15 16
17 18 19 20 21 22 23
24 25 26 27 28 29 30

THE 30TH WORLD PORTS CONFERENCE Enabling Trade Energizing The World

This event is expected to have more than 500 attendees from the field of port, logistics, shipping and maritime industry…

read more >

Singapore Maritime Week 2017

Singapore Maritime Week (SMW) is the leading maritime event in Singapore. Driven by the Maritime and Port Authority of Singapore (MPA), SMW…

read more >

Breakbulk Europe 2017

For more than a decade, Breakbulk Europe has served as the networking hub for industry professionals who do business in Europe — or would like to! Exhibitors and sponsors include cargo owners, ocean carriers, freight forwarders, ports/terminals, heavy haulers, equipment companies and more that are involved in this specialized industry.

In addition to exceptional networking opportunities, Breakbulk Europe provides a dynamic conference, along with a range of educational and training workshops — intensive all-day classes held the day before the exhibition opens as well as many on-the-floor sessions.

  • Over 7,600 participants attended Breakbulk Europe 2016
  • Meet with over 400 exhibitors and sponsors
  • Hear from industry experts, including leading shippers, during the conference sessions
  • Learn new skills in the educational workshops held before the exhibition and on-the-floor micro-seminars and exhibitor-led sessions during the event

More info

read more >

Smart Operations

Smart Operations events, from Fathom Maritime Intelligence, examines how to use intelligent shared integration, and connected operations…

read more >