STX Shipbuilding Will Sell Off STX France within This Year

STX Offshore and Shipbuilding under court receivership will push ahead with the sell-off of STX France.

According to STX Offshore and Shipbuilding on August 9, the troubled Korean shipbuilder handed in an M&A lead manager appointment plan to the court to sell off STX France and received its permit last week. They will post a notice about the appointment of a lead manager as early as next week and finish selecting it by the end of this month.  

STX France acquired by STX Offshore and Shipbuilding in 2009 was founded as Saint Nazaire Dockyard in 1860. The shipbuilder located in Saint Nazaire of western France is building cruise ships and small war craft carriers among other things.

66.7% equities in STX France which STX Europe holds will be put up for sale. STX Offshore and Shipbuilding holds 66.7-percent equities in STX Norway, a subsidiary of STX Offshore and Shipbuilding and STX Norway 100-percent equities in STX Europe. 

This will be the third try to sell off STX France. In 2014, STX Offshore and Shipbuilding attempted to sell STX France and STX Finland which belonged to STX Europe as its subsidiaries but succeeded in selling off STX Finland only. Last year, they negotiated with Daewoo Shipbuilding & Marine Engineering over selling STX France to the latter only to fail.