STX Group Near Deal to Sell STX OSV to Fincantieri – REPORT

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December 10, 2012

An illustration of an STX OSV Platform Supply Vessel. Image courtesy STX OSV

A local media report in South Korea has sparked rumors that STX Group is very close to signing a deal to sell its majority stake in STX OSV Holdings to Italy’s Fincantieri SpA.

The South Korean website MoneyToday reported that STX Group may announce its 51 percent stake sale in the Singapore-listed unit to Fincantieri “soon.” The article said that the sale could raise as much as 800 billion won, or about $743 million, according to Bloomberg.

Reuters reports that an STX Corporation official confirmed on Tuesday that the sale appears “imminent.”

Speculation of a possible sale of STX OSV began in January after the group said it was inviting 18 unnamed companies to consider acquiring a controlling stake in STX OSV.

STX OSV is based in Norway and builds offshore and specialized vessels.

Shares of its affiliates STX Engine, STX Offshore & Shipbuilding, STX Metal, and STX Pan Ocean all rallied following the news.

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