Singapore: Singapore-listed offshore vessel builder STX OSV has been sold to Italian shipbuilding firm Fincantieri.
The deal to acquire a 50.7% stake from STX Europe was announced via the Singapore Stock Exchange this morning.
The acquisition move puts Fincantieri into the top bracket of shipbuilding companies worldwide with a total of 21 shipyards and revenues of Euro 4 billion.
The transaction, through subsidiary Fincantieri Oil & Gas S.p.A., totals around Euro 455 million with SGD1.22 per share being the agreed price and a mandatory cash offer will follow bringing the total sale price to approximately Euros 900 million.
"I'm sure this is the right way forward to optimize our global leadership position in the high value-added end of the shipbuilding industry and to establish ourselves as champions of the Western world,” said Giuseppe Bono, ceo of Fincantieri.
Fincantieri expects the takeover to be completed within the first few months of 2013. [21/12/12]