Fincantieri Buys Majority Stake in STX France
Italian shipbuilding company Fincantieri S.p.A. said it has signed a share purchase agreement for the acquisition of 66.66 percent of the share capital of STX France shipyard from its current shareholder STX Europe AS. The agreement entails a purchase price of €79.5 million ($89 million). Fincantieri continues to negotiate with the French State for the finalization of the shareholders’ agreement for STX France in accordance with the Heads of Terms signed on April 12. Based in Saint-Nazaire…
France Buys into STX Europe
The French Republic became a 33.34 percent shareholder in STX France and its shipyards in Saint-Nazaire and Lorient. STX Europe is a builder of cruise ships and ferries, with a market share of 35 - 40 percent. The company builds cruise ships at its yards in France and Finland. The French yards also have experience with navy vessels. Other shipyards in STX Europe are build specialized offshore vessels. The new agreement between STX Europe and the French Republic is a realization of the memorandum of understanding announced by the two parties on June 12, 2008. The French Republic will acquire the 33.34 percent interest in STX France via an equity investment of $139.7m which is expected to be made on November 7, 2008.
France: STX France talks with Fincantieri to Continue
French industry minister Christophe Sirugue said he would meet Italy's Fincantieri in a week's time to discuss its bid for STX France, but added France was still against Fincantieri gaining dominance in the governance of STX France. "Our position is that we do not want Fincantieri to be the sole majority shareholder in the governance of Saint-Nazaire shipyards," Sirugue told Reuters on Friday, speaking on the sidelines of a news conference in Paris. "We continue to work with Fincantieri and we will probably have to meet again in a week's time".
Fincantieri the Sole Bidder for STX France
Italian shipbuilding and construction group Fincantieri SpA is the only bidder for shipping group STX France, a source close to the matter said on Tuesday. The sale of STX France, which specialises in building cruise ships in the western France city of Saint-Nazaire and is profitable, forms part of the broader sale of businesses from the collapsed STX shipbuilding group. A spokesman for a Korean court overseeing the process had said earlier on Tuesday that one bid had been received for the STX France business, without giving a name. A spokesman for the Seoul court overseeing STX Offshore's receivership had said in November that four parties had expressed interest in buying one or both of South Korea's STX Offshore & Shipbuilding Co Ltd and a controlling stake in STX France.
Shipbuilding Giants Bid for STX France
Italian shipbuilding giant Fincantieri SpA and Dutch counterpart Damen Shipyards Group are in the running to buy STX France, which has been put on the block by Korean debt-ridden parent STX Offshore & Shipbuilding Co, reports WSJ. Meanwhile, STX Offshore - once the Korea's number four shipbuilder - has submitted a proposal to a court on how to revive its business, according to a report in AFP. STX filed for the restructuring in May after struggling for years with mounting losses caused by mismanagement and a slump in global demand.
France: "Multiple STX Shareholder" Solution Preferred
France wants a "multiple shareholder" solution to STX France, the shipbuilding company being sold off, French President Francois Hollande said on Tuesday. "We are working with the aim that the state can remain a minority shareholder, we want a multiple shareholder solution," Hollande said, speaking at a news conference held with Italian Prime Minister Paolo Gentiloni. Italian shipbuilder Fincantieri has made a bid for STX France, but France - which owns 33 percent of the company - wants to ensure that the French state remains a key stakeholder in the firm. The head of French state-controlled military shipbuilder DCNS also said last week it was "very likely" that DCNS - in which Thales has a minority stake - would enter into the capital of STX France.
MSC Ships Get Bigger
MSC Cruises, the 4th largest cruise line, confirmed the existing STX France options to build an additional two ships in the Meraviglia class. The ships, valued by MSC at $1.7 billion, will be longer and bigger versions of the Meraviglia-class ship, which is scheduled to begin with the 167,600-gross-ton MSC Meraviglia in 2017. MSC now has four firm orders on the books from STX France, plus another three ships at Fincantieri. Furthermore, the two new next-generation ships known as Meraviglia-Plus will feature increased tonnage and overall size…
STX Europe Company Update
STX France has recently experienced cost overruns mainly related to one of its cruise vessels under construction at its St Nazaire shipyard. The cost overrun could represent a negative deviation up to $20.3m – 27.1m, but every possible effort is being made to limit such cost overrun. The physical construction of the vessel is however in good progress, and the vessel is expected to be delivered on-time and to the client's full satisfaction. STX France has a solid working capital position, and the funding of such cost overrun will be managed from the existing working capital in STX France. As a consequence of the cost overruns, STX Europe has agreed with Nordea Bank to adjust the interest coverage ratio covenant (EBITDA/Interest) to reflect such a lower expected EBITDA in 2010.
STX France Shipyard Adds More Automated Welding
A good order book and need for higher capacity in the dock were the basis for STX France to purchase more welding automation for its shipyard’s panel welding. STX France decided to turn to Pemamek after a competitive offering round, and purchased PEMA Integrated One-sided Laser-Hybrid Welding and Milling Station with conveyor solution for welding deck plates together. To secure fast and reliable delivery of the welding line, STX France also included in its order installation, training and commissioning of the complete solution.
Fincantieri's STX Bid Approved by S.Korean Court
French state holds 33 pct of STX France; acquisition could boost Fincantieri's position in cruise shipbuilding. A South Korean court approved on Tuesday Italy's Fincantieri as the preferred bidder to buy shipbuilder STX France, helping Fincantieri move closer to a deal that could boost its position in the cruise shipbuilding market. The Seoul court spokesman, who announced the decision on Tuesday, declined to give further details on the situation, while a Fincantieri spokesman also declined to comment. The sale of STX France, which specialises in building cruise ships and is profitable, forms part of the broader sale of businesses from the demise of the South Korean STX shipbuilding group.
DCNS Mulls Buying Stake in STX France
The head of the French state-controlled naval defence group DCNS said on Wednesday it was "closely studying" a possible stake purchase in STX France, a shipyard subsidiary of the struggling South Korean conglomerate STX Corp. Herve Guillou said DCNS was not however looking at the option of taking a majority stake. The French state holds a 33 percent minority stake in STX France, which runs naval shipyards in Saint-Nazaire on the west coast. Loss-making STX Corp is in administration.
Just One Bid So Far for STX France
Only one bid has been received so far for shipping group STX France, said a Korean court on Tuesday. A spokesman for the Seoul court overseeing STX Offshore's receivership had said earlier in November that four parties had expressed interest in buying one or both of South Korea's STX Offshore & Shipbuilding Co Ltd and a controlling stake in STX France SA. Reporting by Joyce Lee
STX Europe, MSC Cruise LOI for Newbuild
STX Europe’s subsidiary, STX France SA and MSC Cruise has signed a letter of intent for the construction of a new large cruise ship at its St. Nazaire shipyard in France to be delivered in mid - 2012. The new cruise ship will be a sister ship of MSC Fantasia and MSC Splendida, which were delivered from STX France's St. Nazaire shipyard in December 2008 and July 2009, respectively. The new vessel will be the 9th cruise ship built in St. Nazaire for MSC Cruises. The new cruise ship will have a length of 1,082.6 ft and a size of about 140,000 GT. The vessel will have 1,751 cabins, which is 100 more cabins than her two sister vessels. The new order will generate about 5,000,000 hours of work for the industrial area of St. Nazaire - mostly at STX France SA and its sub-suppliers and partners.
France Supports Fincantieri's STX Bid
Hard to say 'Non' to Italian company's bid, says Sirugue; France keen to keep Saint Nazaire site running. A leading French minister expressed support on Wednesday for a bid by Italy's Fincantieri's for shipbuilder STX France, adding that the government would aim to keep the shipbuilder's main site running at Saint Nazaire. "We said we wanted a European, industrial company ... Fincantieri is a European, industrial company. So it would be hard for us to say 'no' to them," French Industry Minister Christophe Sirugue told RMC Radio. The sale of STX France, which specialises in building cruise ships at the Saint-Nazaire shipyard and is profitable, forms part of a broader sell-off of businesses following the demise of the South Korean STX shipbuilding group.
France to Defend Interests in STX Shipyards
The French government has told South Korea it will oppose any solution for shipbuilder STX France that is against national industrial interests, Industry Minister Christophe Sirugue told Reuters on Thursday on the eve of a deadline for bids. STX France is 66.7 percent owned by failed South Korean shipbuilding group STX. An insolvency court in South Korea ruled last month that the French arm could be sold either separately from the parent, or as part of a bigger sale. Bids are due by Nov.
Damen, Fincantieri Potential STX France Buyers
Dutch group Damen shipyards and Italian group Fincantieri are the two potential buyers that have emerged for STX France, a shipyard subsidiary of the struggling South Korean group STX Corp, French daily Le Monde said on Thursday. "Two foreign candidates, Italy's Fincantieri and Holland's Damen are fighting over the last big French company of the (shipyard) sector," Le Monde said, citing several sources. On Wednesday a French finance ministry source said two potential buyers had emerged for STX France.
STX France Gets Contracts for Europa 2
STX France received an order to build a luxury cruise ship, the EUROPA 2. The new ship is being acquired by a third-party proprietary company outside the TUI group at the French STX shipyard and will enter service in 2013. The vessel, that will complement the EUROPA in the fleet of German cruise operator Hapag Lloyd-Cruises, will be designed and built according to latest international regulations and delivered in 2013. For STX France this new contract represents about 2.5 million working hours. Construction will start in September 2011. "We are proud to be chosen to build the new cruise liner in our Saint-Nazaire shipyard and we are delighted to contribute to the expansion of the luxury cruise activities of Hapag-Lloyd Cruises"…
STX France to Build Helicopter Carriers for Russia
The signature of a contract for two Mistral class helicopter carriers (LHDs), and associated services, between DCNS and the Russian defence export agency Rosoboronexport took place in St. Petersburg on June 17, 2011. STX France will undertake the construction of the ships at its Saint-Nazaire shipyard under a subcontract with DCNS. The Russian shipbuilder OSK will provide part of the hull of both ships. The first ship will be delivered to Russia in 2014 and the second LHD will be delivered in 2015. The vessels will have a length of 199 meters, a displacement of 22,000 tons and a speed in excess of 18 knots. Previously, STX France and DCNS have built three Mistral class LHDs for the French Navy. Mistral and Tonnerre were delivered to the French Navy in 2006 and 2007, respectively.
Milestone Reached in Take-over Cruise Ship Construction
At the STX shipyard in Saint-Nazaire, France, two commemorative coins are welded to 'MSC Preziosa’s' mast radar, to mark a construction milestone. Earlier this year, following the termination of the agreement with the original owner, MSC Cruises signed a contract to take over the 140,000-ton cruise ship. Renamed MSC Preziosa, she will be the 13th addition to the MSC Cruises’ fleet, as well as the fourth ship in the series of Fantasia class ships. MSC Preziosa is 1,092 feet long, 124 feet wide, and weighs 140,000 gt and the 4,345-guest luxury cruise ship will have a speed of 23 knots.
Two Buyers Eye Struggling STX France Shipyard
Two potential buyers have emerged for STX France, a shipyard subsidiary of the struggling South Korean group STX Corp, according to a French finance ministry source. The French state holds a 33 percent minority stake in STX France, which runs a naval shipyards in Saint Nazaire on the west coast. Lossmaking STX Corp is in administration. A French finance ministry source said a South Korean court was poised to clear a decision to liquidiate STX Corp's assets on Friday this week, a move that could clear the way for the sale of its assets.
STX to Slash Jobs, Sell Yard
To stay above water by restructuring, South Korean Shipbuilder STX Offshore & Shipbuilding Co. plans to lay off about a third of its workforce and sell a yard in France, says a report in WSJ. The country's fourth largest shipyard filed for receivership in May. The court has been supervising the firm’s rehabilitation since June. STX told a bankruptcy court in Korea that it has hired PricewaterhouseCoopers to help it sell STX France, a profitable yard in France specializing in building cruise ships. STX said it plans to cut its 2,090 staff in Korea by 35% by the end of September.
Four Bids for STX Offshore, STX France Emerge
Four parties have expressed interest in buying one or both of South Korea's STX Offshore & Shipbuilding Co Ltd and a controlling stake in STX France SA, a spokesman for the Seoul court overseeing STX Offshore's receivership said on Friday. The Seoul Central District Court spokesman declined to comment on the names of the parties. The South Korean court in October decided to allow the two units of the collapsed STX shipbuilding group to be sold either separately or together. Initial bids were due on Friday for all of STX Offshore & Shipbuilding Co Ltd and a 66.7 percent stake in STX France SA that is held by STX Europe AS. The four parties that entered non-binding bids in the sale were France's DCNS Group…
France Mulls Majority Stake in STX Yard
France could take a majority stake in the French subsidiary of struggling South Korean shipyard group STX Corp, French daily Liberation said on Monday, citing unnamed sources at the finance ministry. The French state holds a 33 percent minority stake in STX France, which runs naval shipyards in Saint Nazaire on the west coast. Loss-making STX Corp is in administration. "All options are on the table. The government could increase its stake, alone or not, and take a majority stake in STX France as long as necessary," the newspaper quoted the source at the finance ministry as saying. The finance ministry declined immediate comment. Reporting by Michel Rose