STX OSV: Newswires say, Fincantieri SpA, the Italian state-controlled shipbuilder which builds cruise ships, ferries and luxury yachts, is among final bidders for a stake in STX OSV, the world’s biggest maker of offshore support vessels.
An unidentified investment fund also made an offer.
STX Group, which is seeking to sell its 51% STX OSV, may conclude a deal next month. Recall, STX Group said in Oct it plans to raise > 1.3
tr won (US$1.1b) early this year by selling overseas assets and bonds to repay maturing debt. In Jan, the group said it hired JPM and StanChart to arrange the sale of its STX OSV stake.
Singapore’s takeover guidelines require any buyer of more than 30% of a publicly traded company to make a general offer for the rest of the stock.
STX OSV’s order book stood at 16.7 b kroner at the end of Dec with deliveries stretching into 2016.
The stock trades at 5.7x P/E.
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