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FINCANTIERI COMPLETES THE ACQUISITION OF STX OSV
Fincantieri, through its wholly owned subsidiary Fincantieri Oil & Gas S.p.A., has successfully completed the
acquisition of 50.75% of STX OSV from STX Europe, at a price of SGD 1.22 per share, totalling
approximately Euro 455 million
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(approximately SGD 730 million).
In compliance with the rules of the Singapore Code on Take-overs and Mergers, Fincantieri Oil & Gas S.p.A.
has also announced its firm intention to make a mandatory unconditional cash offer for the remaining shares
at a price of SGD 1.22 per share. The offer must be kept open for a minimum of 28 days from the date on
which the offer document which sets out the terms and conditions of the mandatory unconditional general
offer is dispatched by Fincantieri Oil & Gas S.p.A., which is expected to occur within the next two or three
weeks.
The total value of the transaction, including both the acquisition of the 50.75% stake and the mandatory
unconditional cash offer, will amount to approximately Euro 900 million
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(approximately SGD 1,450 million).
It will be financed mainly from Fincantieri's internal resources and with a syndicate loan provided by a pool of
banks (Banca IMI, BNP Paribas - Italian branch, Carige, Unicredit) and by Cassa Depositi e Prestiti as a
lender guaranteed by SACE.
This acquisition marks Fincantieri's entry into a market segment complementary to its current ones. With 21
shipyards in 3 different continents, nearly 20,000 employees and revenues of Euro 4 billion, Fincantieri
Group will double its size to become the fifth largest shipbuilder worldwide behind four Korean peers, and the
only Western producer capable of competing with the Asian giants thanks to its diversification and presence
in all of the high value added segments.
STX OSV, listed on the Singapore Stock Exchange and world leader in the construction of offshore support
vessels for oil and gas extraction and production, has approximately 9,200 employees and 10 shipyards
around the world (5 in Norway, 2 in Romania, 1 in Vietnam and 2 in Brazil, of which one is currently under
construction). In the past three years it has generated average revenues of approximately Euro 1.6 billion
and EBITDA of approximately Euro 190 million. At the end of the 2012 third quarter its order backlog was
Euro 2.1 billion.
Trieste, 23 January 2013
Does anyone here realize there is constantly this fluctuation between 86k, 84k and 83k volume? Anyone knows the reason?
no idea ! may be can know about the news today after trading hours?
starlene ( Date: 23-Jan-2013 10:46) Posted:
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I read somewhere in Biz Times that Italian co no longer wants to privatise STX OSV but wants it to remain listed at SGX ..BTW is this Italian co itself a listed co in Italy or Europe? Can anyone assist?
This counter is presently news driven ...
Chart didn't look good because the major shareholder sell 1.22 and OZ sell off at abt 1.3 - 1.335 ..
We are not sure sold to who .... Only the insider knows ...
Recently tx: 1.28, 1.285 and 1.29 very well supoorted and big volume buying in ...
ppl won't let go below that ... sure we want profit and capital gain, haha ...
iPunter ( Date: 23-Jan-2013 08:32) Posted:
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ya that news is good la , but what if it gap down to 1.22 ?!!!!
cheerstan2002 ( Date: 23-Jan-2013 10:22) Posted:
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Usually counter halt because there is business merger gg on or there is another bidder or soem kind of business deal.
So far of all that I have seen, the result is always good news.
It may take about 1 - 3 days and soon the news will leak ...
Recent history was SC Global, the news was out, it jumped from 1.3 to 1.8 overnight ...
This is the day that many of us have been waiting for ... it iwll be exciting .... and soon the price and rally and then overtake recent high and then move on ..
Cheers ....
Normally how long is the trading halt?
ppl = people
Billongkokeng ( Date: 23-Jan-2013 08:57) Posted:
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any idea why??
Halted. 
Appreciate if someone can tell me what PPL stands for? The Abbreviation has been used several times in this forum. Thanks
STX OSV Tulcea Shipyard Management, part of the same name, which is being taken over by Italy's Fincantieri, said that he had scheduled a business growth of 15% this year despite demand shipbuilding market continues to be affected by international context.
Shipbuilders last year estimated an advance of 7% in the business, up to 540 million (124.3 million euros) and will make a profit of more than twice as high, at about 20 million (4.6 million).
Sell to fincantieri at $1.22 ??!?
what happen? to officially announce the completion of sale to fincantieri?
heavenknow ( Date: 23-Jan-2013 08:25) Posted:
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The chart doesn't look very good... 
Hm...early morning halted
A little more about Fincantieri
Fincantieri's success is time-tested. Combine the the best naval architecture and marine engineering minds in the business with expansive facilities and computer-controlled manufacturing equipment. Add to this a seasoned and motivated workforce with a rich history of delivering on time and within contracted costs for both government and commercial vessels. Drive each of these elements with the innovative thinking and enterprising spirit that is the foundation of the Fincantieri
Marine Group.
FMG is a subsidiary of Fincantieri, one of Europe’s largest shipbuilders with a track record dating back 200 years and a history of building more than 7,000 ships. Fincantieri is making substantial capital investments in each of the four FMG shipyards in order to take performance and quality to new levels.
The FMG shipyards have a distinguished history of building quality ships. Marinette Marine in Marinette, Wisconsin, was founded in 1942 and has built more than 1,500 vessels for government and commercial clients. Bay Shipbuilding traces its roots in building Great Lakes vessels back to 1918. A new shipyard, ACE Marine, located in Green Bay, Wisconsin, is an all-aluminum shipbuilder and is the builder of the Response Boat Medium for the United States Coast Guard.
FMG offers complete marine solutions. It has a large and experienced naval architecture and marine engineering staff, and provides cost-effective answers to complex marine transportation challenges. FMG’s climate-controlled facilities are modern and expansive, and purpose-designed for maximum manufacturing efficiency under the highest standards of quality control. The FMG workforce is both highly trained and skilled, and committed to safe operation. All of this is backed by a hands-on management team clearly focused on client satisfaction.
Hope we are jumping on the right ship, haha ....
cheers to all who have vested ...
Sorry for last night post like foreign wordings or ancient lettering , i guess it is becos of font .... paiseh
Italian shipbuilders Fincantieri have announced the acquisition of Norwegian-based shipbuilder STX OSV. With five shipyards in Norway, two in Romania, two in Brazil and one in Vietnam, STX OSV is already a world leader in the design and construction offshore and specialised vessels for the oil and gas exploration and production industries.
Fincantieri has eight shipyards in Italy and three in the USA (Marinette Marine, Bay Shipbuilding, Ace Marine - in the Great Lakes region) as well as a presence in the UAE with Etihad Ship Building, a joint venture set up with Melara Middle East and Al Fattan Ship Industries.
" Today marks the beginning of a new era for Fincantieri," said Giuseppe Bono, CEO of Fincantieri. " In fact, the acquisition of STX OSV will further enhance our position as a leading international competitor. This will strengthen Fincantieri's commitment to pursuing a strategy of diversification and development in order to retain our long-term competitiveness and generate important positive impacts for our Italian assets."
Bono (CEO) concluded:
" I'm sure this is the right way forward to optimize our global leadership position in the high value-added end of the shipbuilding industry and to establish ourselves as champions of the Western world. This transaction is a source of pride for all Fincantieri's employees and business partners."
Fincantieri is probably most famous for the giant cruise ships it has specialised in building. This year alone the Italian shipbuilder has delivered three cruise ships, including the CARNIVAL BREEZE, the biggest cruise ship they have built to date at 128,500 tons.
http://www.shippingtimes.co.uk/item_10434.html
$0.10 dividend is not guarantee right? Unless there is increase in free cash flow like last year. Hope the worse case is $0.06 based on a 30% dividend distribution guidance during ipo.
ksloi1 ( Date: 22-Jan-2013 21:09) Posted:
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