Fincantieri acquires stake in Lloyd Werft
Fincantieri and Bremer Investitions-Gesellschaft mbH (BIG), the service provider for regional and business development in the state of Bremen, have signed an agreement with the current shareholders of Lloyd Werft Bremerhaven GmbH for the acquisition of a shareholding in Lloyd Werft.
This agreement will extend Fincantieri?s presence in the market of ship refitting and refurbishment services and represents the first stage of an industrial and commercial cooperation between the Italian shipbuilding group and the German shipyard. Fincantieri, combining the strengths and capabilities of the German shipyard with its yard in Palermo, has taken a significant step forward in its strategy to create the basis for a unique network in ship refitting and refurbishment services, a business segment historically characterized by being very fragmented. The strategic location of the two shipyards in the North Sea and in the Mediterranean Sea, will strengthen Fincantieri?s position in the areas where a significant part of the cruise and ferry fleets is operating.
Fincantieri and BIG will acquire 21.05% and 13.16% respectively of the share capital of Lloyd Werft through a capital increase. The remaining shares will be held by the current shareholders. The full effectiveness of the agreement will be subject to the final approval from the EU Commission and the German Antitrust Authority. Moreover, Fincantieri will have the right, by the end of 2008, to reach the majority by acquiring further shares from the current shareholders.
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