STX OSV sells majority stake to Fincantieri
STX Europe is selling its majority stake in STX OSV to shipbuilding group Fincantieri for approximately €900m ($1.19bn) triggering mandatory takeover offer, Seatrade Asia online reports.
STX OSV will sell 50.75% of stake to Fincantieri at a price of SGD1.22 per share totalling about €450m, representing a discount of 12.9% to the closing price on 20 December, and discount of 17.5% to the weighted average price of the past three months.
The total value of the transaction, including both the acquisition of the 50.75% stake and the mandatory cash offer for the remaining shares will amount to approximately €900m. The closing of the acquisition will take place within the first four months of 2013.
“The acquisition of STX OSV will further enhance our position as a leading international competitor,” said Giuseppe Bono, ceo of Fincantieri.
With the acquisition, Fincantieri will almost double its size with 21 shipyards in three different continents, becoming one of the top five shipbuilders worldwide.