Fincantieri signs deal with France for STX France take over

Italian shipbuilder Fincantieri announced on April 12 that it has signed a heads of terms agreement with France for the acquisition of STX France.

The French state was represented by the Agence des Participations de l’Etat (APE), Fincantieri said.

STX France is 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.

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.

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

Fincantieri added that it is working with the Court of Seoul in order to finalize the acquisition of STX France as soon as possible.