Fincantieri cleared for STX France takeover

Italian shipbuilder Fincantieri has received a South Korean court approval for the acquisition of Saint-Nazaire-based shipbuilder STX France.

The French shipyard was owned by South Korean STX Offshore and Shipbuilding who, amid financial problems, decided to sell the French yard under a company-wide, court-led restructuring.

Fincantieri confirmed on Tuesday that it has been selected as preferred bidder in the sale of the 66.66% stake in STX France SA.

Contrary to previous media reports that alleged four parties expressed interest in acquiring the majority stake, Fincantieri was revealed to be the sole bidder for the shipyard.

According to Navy Recognition, the French government, which holds a minority stake of 33 percent in the firm, is likely to let its state-owned shipbuilder DCNS buy the minority stake of the yard.

This would be important for France since STX France is the only shipyard in the country capable of constructing aircraft- and helicopter carriers.