Two Buyers Eyeing Struggling STX France

stx-france

Two potential buyers have emerged for STX France, a shipyard subsidiary of the struggling South Korean group STX Corp, according to a French finance ministry source.

The French state holds a 33 percent minority stake in STX France, which runs a naval shipyards in Saint Nazaire on the west coast. Lossmaking STX Corp is in administration.

A French finance ministry source said a South Korean court was poised to clear a decision to liquidiate STX Corp’s assets on Friday this week, a move that could clear the way for the sale of its assets.

France, which has a potential veto right over any sale based on its holding and on the strategic significance of the military shipyard, is already negotiating with a buyout consortium, the source said.

“There is also another candidate, which would be good news for the shipyard,” the source said. “Talks are going on in a proactive way and in anticipation of the sale process.”

[reuters]

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