Fincantieri Eyes Valuation of up to 1.8b Euros in Float

Posted by Eric Haun
Friday, June 13, 2014
Photo: Fincantieri

Italian state-owned shipmaker Fincantieri aims to make its debut on the Milan bourse in July with a stock market value of up to 1.84 billion euros ($2.5 billion), it said on Friday.

Fincantieri, maker of vessels ranging from luxury yachts to military aircraft carriers, said in a statement it would offer a stake of up to 38.2 percent stake, mostly made up of new shares, at a price range between 0.78 euros and 1 euro per share.

That would value the company, based in the northeastern port city of Trieste, at between 1.57 billion euros and 1.84 billion, and the initial public share offering up to 704 million euros.

The flotation - the bulk of which will be reserved for institutional investors - starts on Monday, the same day as that of UniCredit's online banking unit Fineco.

Fincantieri is wholly controlled by Fintecna, itself owned by state financial holding Cassa Depositi e Prestiti.

The proceeds of up to 600 million euros from the issue will be used to bolster Financtieri's finances.

Fintecna can at best cash in 200 million euros from the listing, meaning the Italian treasury does not stand to gain much from the privatisation.

($1 = 0.7345 Euros)

(Reporting by Elisa Anzolin; Writing by Silvia Aloisi; Editing by David Holmes)

Maritime Reporter July 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Rolls-Royce Power Package for USS Zumwalt

Rolls-Royce announced delivery of the twin fixed pitch propellers to Bath Iron Works for installation on the U.S. Navy’s most modern surface combatant, the future USS Zumwalt,

Work Begins on $1.6 bln Container Terminal at Jebel Ali Port

DP World Chairman Sultan Ahmed Bin Sulayem announced the start of construction work on a brand new container terminal at Jebel Ali Port, Dubai.   Phase 1 of the

Damen Delivers First Twin Axe FCS for O&G

Damen Maaskant Shipyards Stellendam have a decade-long relationship with the family-run Groen Offshore, Guard & Support, having built seismic research vessels and

Shipbuilding

Carnival’s Costa Brand Orders Two LNG Cruise Ships

Costa’s two new cruise ships will be the largest ever built based on guest capacity; Costa will join sister brand AIDA Cruises in building the first-ever cruise

Barcelona Yacht Repairer Adds New Shiplift

Yacht service, refit, repair and maintenance yard Marina Barcelona 92 (MB’92) has awarded a contract to Pearlson Shiplift Corporation (PSC) for the design and supply

Rolls-Royce Power Package for USS Zumwalt

Rolls-Royce announced delivery of the twin fixed pitch propellers to Bath Iron Works for installation on the U.S. Navy’s most modern surface combatant, the future USS Zumwalt,

Finance

Work Begins on $1.6 bln Container Terminal at Jebel Ali Port

DP World Chairman Sultan Ahmed Bin Sulayem announced the start of construction work on a brand new container terminal at Jebel Ali Port, Dubai.   Phase 1 of the

Singapore MPA Wants LNG Bunkering Options

Singapore's Maritime Port Authority is seeking proposals on liquefied natural gas bunker supplies as it shifts away from fossil fuels towards gas while trying to

China's Navy Drills in South China Sea

China said it conducted air and sea drills in the South China Sea on Tuesday as it stakes an increasingly assertive claim to virtually the whole sea despite rival claims by neighbours.

News

Diesel Spill in Houston Ship Channel

A small section of the Upper Houston Ship Channel was closed Tuesday morning after a report of 1,000 gallons of diesel entered Greens Bayou from a cement facility, the U.

Carnival’s Costa Brand Orders Two LNG Cruise Ships

Costa’s two new cruise ships will be the largest ever built based on guest capacity; Costa will join sister brand AIDA Cruises in building the first-ever cruise

Barcelona Yacht Repairer Adds New Shiplift

Yacht service, refit, repair and maintenance yard Marina Barcelona 92 (MB’92) has awarded a contract to Pearlson Shiplift Corporation (PSC) for the design and supply

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Naval Architecture Navigation Ship Electronics Ship Repair Ship Simulators Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.2681 sec (4 req/sec)