Fincantieri completes acquisition of STX OSVNews // January 23, 2013
Fincantieri, through its wholly owned subsidiary Fincantieri Oil & Gas SpA, has completed the acquisition of 50.75 per cent of STX OSV from STX Europe, at a price of SG$1.22 per share, totalling approximately Euros 455 million (approximately SG$730 million).
In compliance with the rules of the Singapore Code on Take-overs and Mergers, Fincantieri Oil & Gas SpA has also announced its firm intention to make a mandatory unconditional cash offer for the remaining shares at a price of SG$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 SpA, 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 per cent stake and the mandatory unconditional cash offer, will amount to approximately Euros 900 million (approximately SG$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.