Fincantieri completes STX OSV acquisition

25 Jan 2013
Fincantieri says the acquisition will double its size

Fincantieri says the acquisition will double its size

Italian shipbuilder, Fincantieri, through its wholly owned subsidiary, Fincantieri Oil & Gas, reports that it has completed its acquisition of a 50.75% stake in offshore support vessel specialist STX OSV.

Fincantieri acquired Norway-based STX OSV, which is listed on the Singapore Stock Exchange, from STX Europe, for a price of SG$1.22 per share, totalling approximately SG$730m (€455m).

In compliance with the rules of the Singapore Code on take-overs and mergers, Fincantieri Oil & Gas has also announced its intention to make a mandatory unconditional cash offer for the company's remaining shares for the same price.

Fincantieri must keep its offer for a minimum of 28 days from the offer document dispatch date, which is expected to occur within the next two or three weeks.

The acquisition was financed mainly by Fincantieri’s internal resources and with a syndicate loan provided by a group of banks.

The total value of the transaction, including both the acquisition of the 50.75% stake and the mandatory cash offer, is expected to amount to around SG$1,450m (€900m).

Fincantieri says that the acquisition of STX OSV, which employs around 9,200 workers at 10 shipyards around the world, will double its size to become the fifth largest shipbuilder in the world, and the only western producer capable of competing with the Asian giants.

Links to related companies and recent articles ...

STX Europe

view more