STX's 50.75% stake grabbed by Italian shipbuilder Fincantieri

Bought at $1.22 per share.

According to OCBC, Italian shipbuilder Fincantieri announced that it has signed an agreement to acquire a 50.75% stake in STX OSV, from its parent STX Europe, at S$1.22 per share - representing a 12.9% discount to closing price of S$1.40 on 20 Dec 2012.

"The closing of the acquisition will take place within the first four months of 2013, after certain conditions are satisfied. Once the conditions are satisfied, Fincantieri said that it will launch a mandatory cash offer for the remaining STX OSV shares," the report said.

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Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley