South Korean court gives nod to Fincantieri’s STX bid

South Korean court gives nod to Fincantieri's STX bid

Italian company Fincantieri has received an approval from a South Korean court making it the preferred bidder for Saint-Nazaire-based shipbuilder STX France.

The announcement was made only days after Italy’s shipbuilding and ship designing firm was unveiled as the only bidder for the French yard.

If completed, the acquisition of STX France, which specializes in building cruise ships, is expected to boost Fincantieri’s position in the cruise segment.

As part of the South Korean STX Offshore and Shipbuilding, the company was put up for sale after the financially troubled conglomerate decided to file for a court-led restructuring in May 2016.

Earlier reports suggested that four parties expressed interest in acquiring the controlling stake in the French shipbuilder.

The French state, which holds a minority stake of 33 percent in the firm, reportedly informed that it would not acquire the majority share, however, it indicated that it would have a say in the selection of the buyer. 

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