Fincantieri S.p.A. , the Italian shipbuilder, said that it has signed with the French State, represented by the Agence des Participations de l'Etat (APE), the Heads of Terms announced on 6 April, to acquire a stake in STX France, the St Naxzaire based builder of e.g. cruise ships.
“The agreement, which is a key element for the finalisation of the final agreements among future shareholders, also includes the guidelines of the business plan, shared with APE, prepared by Fincantieri for STX France. Fincantieri is working with the Court of Seoul in order to finalise the acquisition of STX France as soon as possible,” Fincantieri said.
STX France is 64% owned by the STX Offshore & Shipbuilding group, based in South Korea. It has run in serious financial difficulties and it is selling various assets as a result. The French government controls 34% of the shares in the French shipbuilder.