Independent journal on economy and transport policy
06:51 GMT+2
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The STX Corporation group yields own participation in STX Energy
Temporary acquisition by Japanese ORIX
July 29, 2013
Group financial Japanese ORIX Corporation has acquired almost the totality of the South Korean energetic society STX Energy. The industrial group and navalmeccanico STX Corporation South Korean, that it is in liquidity crisis and is trying to yield assets between which the shipowning company STX Pan Ocean, in fact has sold own participation of 37.5% in STX Energy for about 270 billion won (238 million dollars) to the ORIX that, with the acquisition, has elevated to 96.3% own quota in the capital stock of the energetic society.
This last acquisition - it has specified the Japanese group - has temporary character. "Which group focused on the fields of the shipbuilding and the marine transport - it has explained ORIX in a note - during the last few years the within of activity of group STX is gotten worse for effect of a bending in the shipbuilding and the shipping. Currently group STX is trying to improve own capital structure with the support of the institutions financial institutions partner. Until from the moment of the participation to vital its in December 2012, ORIX has worked in order to increase the value of STX Energy which operating partner of STX. However, as a result of negotiations between the parts, ORIX has accepted to acquire temporary ulterior actions in STX Energy stopped from STX which part of the measures times to improve the capital structure of group STX. This acquisition is stiff to stabilize the management of STX Energy and therefore ORIX does not have some intention to continue to manage the society stopping the majority of the actions. In the near future ORIX previews to transfer the activity to a new Korean commercial partner".
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Group financial Japanese ORIX Corporation has acquired almost the totality of the South Korean energetic society STX Energy. The industrial group and navalmeccanico STX Corporation South Korean, that it is in liquidity crisis and is trying to yield assets between which the shipowning company STX Pan Ocean, in fact has sold own participation of 37.5% in STX Energy for about 270 billion won (238 million dollars) to the ORIX that, with the acquisition, has elevated to 96.3% own quota in the capital stock of the energetic society.
- Via Raffaele Paolucci 17r/19r - 16129 Genoa - ITALY
