Daewoo Shipbuilding & Marine Engineering (DSME) said on Tuesday that it is considering acquiring STX France, a European subsidiary of struggling STX Offshore & Shipbuilding, which builds cruise ships, a report in Korea Times said
The world's second-largest shipbuilder said its main stakeholder, Korea Development Bank (KDB), had asked it to look into the possibility of taking over the STX France shipyard in Saint-Nazaire, northwestern France.
"We just began the study and, at this point, it is too early to say what we will do," a DSME spokesman was quoted as saying. "The review process may gain speed after our new CEO takes office later this month." Daewoo has staredan ambitionto enter the cruise ship building sector in the past and it has built a number of large overnight ferries to European owners.
KDB, which holds a 31.5% stake in DSME, has sought to dispose of STX Europe as part of a restructuring programme to get STX Offshore & Shipbuilding back on track. STX Europe has two subsidiaries _ STX France and STX Finland.
KDB holds a 48.15% in STX, which owns a 66.66% stake in STX France through STX Europe, which is based in Norway. The remaining 33.34% is held by the French government, who has been pressing KDB to sell the French shipyard as soon as possible. Initially, KDB had sought to complete the sale in 2014, but has been unable to find a buyer for STX France, the report said.
The STX group acquired Aker Yards that it renamed STX Europe in 2008-09 as part of its expansion strategy. However, the outbreak of the financial crisis in 2008 led to a sharp fall in newbuilding orders, which forced STX group to start to restructure its business. It first floated the offshore services vessel unit of STX Europe, which was later acquired by Fincantieri and renamed Vard. STX Finland was acquired by Meyer Werft last year and it is today known as Meyer Turku Shipyard.