Court names Fincantieri preferred bidder for STX France

JANUARY 3, 2017 — The South Korean bankruptcy court dealing with the restructuring of STX Offshore and Shipbuilding South Korean court has now named Fincantieri as the preferred bidder for the STX France shipyard. in Saint-Nazaire.

Le Figaro reports Judge Choi Ung-Young, a spokesman for the Central District Trade Court in Seoul, as saying that "the court reached a decision this afternoon."

Fincantieri must now conduct a field study of the French shipyards and agree on a purchase price with the South Korean group before signing an agreement to acquire its 66.6% of STX France, he added.

The remaining stake in STX France is held by the French Government which has made it clear that it could block any deal that it thinks not to be in the national interest. Industry Minister Christophe Sirugue will meet Saint-Nazaire shipyard unions Wednesday.

There are strong indications that any deal that sees Fincantieri take control of the yard would also involve French military contractor DCNS taking a minority stake.

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