Dec. 21 – Fincantieri has signed an agreement for the acquisition of 50.75% from STX Europe of STX OSV, listed on the Singapore Stock Exchange and world leader in the construction of means of support for the extraction and production of oil and natural gas (Offshore Support Vessel). With 21 yards in 3 different continents, almost 20,000 employees and revenues for € 4 billion, the Fincantieri doubles its size, becoming one of the top five shipbuilders worldwide, and first in Europe. Compared to the first four manufacturers, all Koreans, the Fincantieri Group is characterized by a strong presence in all the high-tech maritime sectors, enriching its product portfolio while entering the offshore oil & gas business. The operation provides Fincantieri, through its subsidiary Fincantieri SpA Oil & Gas, with 50.75% of STX OSV at a price of SGD 1.22 per share, for a total value of approximately € 455 million (approximately SGD 730 million). The offer price is at a discount rate of 12.9% and 17.5% over the closing price on December 20, which amounted to SGD 1.40 per share, while the weighted average over the last three months amounted to SGD 1.48 per share. The closing of the acquisition will take place by the first quarter of 2013 once certain conditions are met. Only then will Fincantieri Oil & Gas S.p.A. begin promoting, in accordance with the terms of the rules of the Stock Exchange of Singapore, further bids for the remaining shares.
