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.

 

France, which has a potential veto right over any sale based on its holding and on the strategic significance of the military shipyard, is already negotiating with a buyout consortium, the source said.

 

"There is also another candidate, which would be good news for the shipyard," the source said. "Talks are going on in a proactive way and in anticipation of the sale process."