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DSME shelves STX France takeover

DSME shelves STX France takeover
Daewoo Shipbuilding & Marine Engineering (DSME) has put on hold its plans to acquire STX France, according to DSME ceo Jung Sung-Leep.

Korea Development Bank (KDB) played a central role in the proposed deal, as DSME's largest shareholder and STX Group's largest creditor.

DSME was eyeing up a 66% stake in STX France, as KDP looks to restructure the STX Group by disposing of STX France and STX Finland.

At a press conference, Sung-Leep stated: “For now the file on STX France acquisition has been closed, we judged that this is not the time to consider a takeover.”

Any move would have been against resistance from labour unions, and backed by DSME's limited liquidity reserves.

Sung-Leep, former president and ceo of STX Offshore and Shipbuilding, stated that STX France was a stable company with a good outlook.

DSME is still looking to expand into the cruise ship building business, but the company did not believe this to be the right time.