4 February, 2018 – FINCANTIERI S.p.A., through its
subsidiary Fincantieri Europe S.p.A., signed
a share purchase agreement for the acquisition of 50% of the share
capital of STX France from the French State, represented by the Agence des
Participations de l'Etat (APE).
The signing takes place after the resolution of the share
purchase agreement previously signed between Fincantieri and STX Europe on May
19, 2017 as a consequence of the exercise by the French State of its
pre-emption right for the acquisition of the entirety of STX France share
capital on July 28, 2017 and follows the signing of the share purchase
agreement between the French State and STX Europe.
The acquisition by Fincantieri is subject to the closing of
the transaction between the French State and STX Europe and to customary
conditions for this kind of transactions.
The agreement provides for a purchase price of euro 59.7
million for Fincantieri, which shall be paid through available financial
resources.
The signing is part of the agreement announced on September
27, 2017 by the Italian and French Governments regarding the future
shareholding structure of STX France. Such agreement envisages the
participation of Naval Group as a shareholder of STX France and represents an
important first step towards the creation of a future alliance in both cruise
and military naval sectors.
Pursuant to this agreement, upon closing the parties will
also execute the shareholders agreement and the stock lending agreement
relating to 1% of the share capital of STX France which will be lent by APE to
Fincantieri upon terms and conditions already agreed between the parties.
The Board of Directors of STX France will be composed as
follows: 4 members appointed by Fincantieri (including the Chairman and the
CEO) - 2 members appointed by the French State - 1 member appointed by Naval
Group - 1 member appointed by the employees.
The Chairman of the Board will have a casting vote.
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