SINGAPORE Dec 21 Italian government-owned shipbuilder Fincantieri SpA has agreed to buy 50.75 percent of Singapore-listed STX OSV Holdings Ltd from STX Europe for about S$730 million ($600 million).
Fincantieri will buy STX OSV shares at S$1.22 each, representing a discount of 12.9 percent to its closing price on Dec 20, the Italian company said in a statement.
The acquisition will be completed before the end of April 2013, after which Fincantieri will launch a mandatory cash offer for the remaining shares of STX OSV.
The total value of the transaction, including the acquisition of the 50.75 percent stake and the cash offer, will amount to about S$1.45 billion, and will be financed from internal resources and a syndicate loan provided by several banks including BNP Paribas and Unicredit, Fincantieri said. ($1 = 1.2189 Singapore dollars) (Reporting by Charmian Kok; Editing by Ed Davies)