SEOUL, KOREA - STX Group and Japan's Orix Corp., once rivals over the control of STX Energy, have begun negotiations for amicable compromise. Once an agreement is made between the two parties, they will go on a public sale of the combined stake in the heating and power company.
According to the creditor banks and investment banking sources on May 29, the two companies have resumed talks to refix the acquisition price for STX Energy shares. Currently Orix holds a 50-percent stake in the company including ordinary and preferred stocks. The stake held by STX Corp. is 43.15 percent.
A creditor bank official said, "As it will take a lot of time to sell off stakes in STX Pan Ocean, STX Dalian, and STX Europe, the best way for STX Group to secure urgently needed cash is sell STX Energy after settling the dispute with Orix."
Last year, STX Corp. had sold a 43.1-percent stake in STX Energy to Orix Corp. for 360.1 billion won. Since that time, Orix had purchased another 7 percent in STX Energy through an exercise of exchangeable bonds to bring the total shareholdings in the company to 50 percent.
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