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[THE INVESTOR] STX Offshore & Shipbuilding is seeking to sell off STX France. The company, currently under court receivership, turned in a plan to sell its French affiliate on Aug. 9 and was granted permission.
STX is seeking to select a lead financial advisor for the sale by the end of this month and complete the sale within this year.
This is the third time STX is trying to sell STX France which it took over in 2009. STX Offshore & Shipbuilding has a two-third stake through its subsidiary STX Europe.
It attempted to sell off STX France and STX Finland, both subsidiaries of STX Europe, but only the Finnish shipyard was sold, in 2014. Last year, STX held negotiations over selling STX France but the talks fell through.
STX France was established in 1860 as Saint-Nazaire shipyard on the western coast of France and builds a range of vessels from passenger ships to naval vessels and provides engineering services as well.
By Hwang You-mee (glamazon@heraldcorp.com)
STX is seeking to select a lead financial advisor for the sale by the end of this month and complete the sale within this year.
This is the third time STX is trying to sell STX France which it took over in 2009. STX Offshore & Shipbuilding has a two-third stake through its subsidiary STX Europe.
It attempted to sell off STX France and STX Finland, both subsidiaries of STX Europe, but only the Finnish shipyard was sold, in 2014. Last year, STX held negotiations over selling STX France but the talks fell through.
STX France was established in 1860 as Saint-Nazaire shipyard on the western coast of France and builds a range of vessels from passenger ships to naval vessels and provides engineering services as well.
By Hwang You-mee (glamazon@heraldcorp.com)
