Fincantieri has undersigned the agreement with the French State in order to acquire 50% of STX France on loan more 1%



Friday the navalmeccanico group Italian Fincantieri, through own controlled Fincantieri Europe Spa, has undersigned with the French State, represented from Agence DES Participations de the Etat (BEE), the buying and selling agreement for the acquisition of 50% of the capital of shipbuilding society French STX France di Saint-Nazaire, quota that will be bought for 59,7 million euros payable - it has explained the Italian group - through resources financial institutions available.

Fincantieri has emphasized that through this partnership industrial it strengthens its leadership on the world-wide market: "the perfect complementariness of the crocieristiche activities and the produced ones of Fincantieri and STX France, in fact - it has evidenced the Italian company - will allow with the two societies to serve all the final customers and markets, generating value not only for the shareholders, but also for the dependent and the respective Networks of suppliers".

"This agreement - the minister of the Economy and French Finances has declared, Bruno Le Maire - is an important step in the formation of an European naval giant. This is a good news for France and Europe".

Fincantieri has remembered that the signature has happened to valley of the resolution of the Share Purchase Agreement undersigned from Fincantieri and STX Europe AS on 19 May, as a result of the exercise of the preemptive right on the total of the capital of STX France by the French State in 28 date July 2017, let alone of the signature of the Share Purchase Agreement between the French State and STX Europe(on 19 May, 27 July 2017). Moreover the signature is framed on 27 September in the within of the agreement announced from the governments of France and Italy on the future structure of the shareholders of STX France, that it previews as shareholder of STX France also Naval Group, the specialized French shipbuilding society in the segment of the defense that is controlled by the government of Paris, and that it represents an important first step for the creation of a future alliance is in the civil field that in that of the naval defense(on 27 September 2017).

Fincantieri has specified that its acquisition will be subject to the closing of the transaction between the French State and STX Europe, besides the customary conditions previewed for this type of operations. Al closing of the operation will be signed the parasociali pacts between the shareholders and the contract, whose terms already are agreed between the parts, with which BEE will on loan grant to Fincantieri 1% of the capital stock of STX France

Therefore to conclusion of the Fincantieri operation she will be owner of 50.00% of the capital of STX France and will have on loan of ulterior a 1% from BEE, while the French State through BEE will stop 34.34% of the capital of which 1% it will be lent to Fincantieri. Moreover the dependent of STX France will have until 2.40% of the capital of STX France, a group of local enterprises until 3.26% and Naval Group will have 10.00% of the capital (or 15.66% if the plan of participation offered to the dependent or the acquisition by a group of local societies cannot be implemented at the same time).

The board of directors of STX France will be composed of four members named from Fincantieri, included the president and the managing director, two members named from the French State, a member named from Naval Group and a member named from the dependent. The chief executive officer will have of "casting vote", than in case of parity of ballots he confers a decisive importance to the ballot of the president.

STX France has about 2.600 dependent and in 2016 it has generated revenues for about 1,4 billion euros.