STX denies Pan Ocean sales reports


STX Pan Ocean Co Ltd (STX PO) shares rose 9.2% today amid reports that Korean steelmaker Posco is considering paying $333m for a controlling stake in the struggling shipping firm.

Posco, which has allegedly signed a non-disclosure agreement to explore the possible purchase, denied the report, labelling it "groundless".

STX Group is looking to sell its entire 35% stake in STX PO, including management rights. Last week the Korean bulk shipping specialist posted a record loss of $418m. The move would be the latest in a list off STX sell offs as the debt burdened Korean group offloads shares in its affiliated companies to stay afloat ahead of repayments on maturing debts in 2013.

Last month Italian shipbuilder Fincantieri completed its acquisition of a 50.75% stake in STX OSV from STX Europe, with a mandatory unconditional cash offer for remaining shares that will bring the buyout total to $1.1bn.

In October 2012, Orix Corp snapped up a 43% stake in STX Energy Co. and investors in Hong Kong and China are in discussions over a 30-40% share of STX Dalian.

Source: Seatrade Asia

Source from :