Fincantieri Signs Deal for STX France
Fincantieri has signed a share purchase agreement for the acquisition of 66.66 percent of the share capital of STX France from STX Europe.
The purchase price of approximately $89 million will be paid through available financial resources.
Fincantieri continues to negotiate with the French State for the finalization of the shareholders’ agreement for STX France in accordance with a Heads of Terms signed on April 12. France has a 33 percent stake in STX France, and it holds the right to approve or refuse the sale of STX's majority share.
STX is selling off the St. Nazaire yard as part of its bankruptcy proceedings.
The acquisition is a first, important step towards the European consolidation project that Fincantieri has been working on for years now, CEO Giuseppe Bono told shareholders. He said that internal competition harms Europe itself. “Competition must be between Europe and the rest of the world.
“With the acquisition we have an order book of €36 billion ($40 billion), and we aim to reach €40 billion ($45 billion) by the end of the year,” he said. “Together we account for 60 percent of the world share of cruise shipbuilding, with a portfolio that includes all the tour operators present in the world.”
With more than 150 years of history, STX France is a global player in maritime construction. Based in Saint-Nazaire, on the French Atlantic coast, the Group operates one of the most modern shipyards in the world and has great expertise in the design and engineering of the most complex and innovative ships. STX France has approximately 2,600 employees and a network of more than 500 subcontractors. In 2016, it has generated revenues of approximately $1.6 billion.