Fincantieri, through its wholly owned subsidiary Fincantieri
Oil & Gas S.p.A., has successfully completed the acquisition of
50.75% of STX OSV from STX Europe, at a price of SGD 1.22 per share,
totalling approximately Euro 455 million (approximately SGD 730
million).In compliance with the rules of the Singapore Code on Take-overs and
Mergers, Fincantieri Oil & Gas S.p.A. has also announced its firm
intention to make a mandatory unconditional cash offer for the remaining shares at a price of SGD 1.22 per share. The offer must be kept open
for a minimum of 28 days from the date on which the offer document which sets out the terms and conditions of the mandatory unconditional
general offer is dispatched by Fincantieri Oil & Gas S.p.A., which
is expected to occur within the next two or three weeks.The total value of the transaction, including both the acquisition of the 50.75% stake and the mandatory unconditional cash offer, will
amount to approximately Euro 900 million (approximately SGD 1,450
million). It will be financed mainly from Fincantieri’s internal
resources and with a syndicate loan provided by a pool of banks (Banca
IMI, BNP Paribas – Italian branch, Carige, Unicredit) and by Cassa
Depositi e Prestiti as a lender guaranteed by SACE.This acquisition marks Fincantieri’s entry into a market segment
complementary to its current ones. With 21 shipyards in 3 different
continents, nearly 20,000 employees and revenues of Euro 4 billion,
Fincantieri Group will double its size to become the fifth largest
shipbuilder worldwide behind four Korean peers, and the only Western
producer capable of competing with the Asian giants thanks to its
diversification and presence in all of the high value added segments.STX OSV, listed on the Singapore Stock Exchange and world leader in
the construction of offshore support vessels for oil and gas extraction
and production, has approximately 9,200 employees and 10 shipyards
around the world (5 in Norway, 2 in Romania, 1 in Vietnam and 2 in
Brazil, of which one is currently under construction). In the past three years it has generated average revenues of approximately Euro 1.6
billion and EBITDA of approximately Euro 190 million. At the end of the
2012 third quarter its order backlog was Euro 2.1 billion.
SHIPBUILDING
23 January 2013 - 23:21
Fincantieri Completes Acquisition of STX OSV (Norway)
Fincantieri, through its wholly owned subsidiary Fincantieri Oil & Gas S.p.A., has successfully completed the acquisition of 50.75% of STX OSV from STX Europe
SHIPBUILDING
23 January 2013 - 23:21
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