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Fincantieri Takes Steps Toward IPO

May. 7, 2014 - 11:18AM   |  
By TOM KINGTON   |   Comments
Fincantieri has filed a request for a listing on the Milan stock exchange, which could take place this summer.
Fincantieri has filed a request for a listing on the Milan stock exchange, which could take place this summer. (Fincantieri)
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ROME — Italian state-controlled shipyard Fincantieri has filed a request to list shares on the Milan stock exchange, part of a plan to offer a minority stake in the firm to investors.

The Italian government announced last year that it would seek to offer around 40 percent of the yard to investors through an initial public offering as well as a capital increase.

On Tuesday, the company filed its request for a listing, which could take place this summer, forming part of a wider program of privatizations of Italian state firms aimed at cutting national debt.

On Monday, Fincantieri’s board approved plans for a €600 million (US $834 million) capital increase.

Apart from building warships and cruise vessels at Italian yards, the firm spent $120 million in 2008 to take over Manitowoc Marine Group (MMG), and through it the Wisconsin-based Marinette Marine yard, which builds littoral combat ships for Lockheed Martin.

In a €455 million deal signed in December 2012, Fincantieri took over 10 shipyards building offshore vessels for oil rigs from Korean shipbuilder STX.

The firm saw an €85 million profit in 2013 with new orders totaling €4.9 billion.

Email: tkington@defensenews.com.

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