Fincantieri Cantieri Navali Italiani S.p.A's announcement last month that it would acquire Manitowoc Marine Group combined with the shuffling of top management at Austal is a clear indication that international shipbuilders are taking a keen interest in the lucrative U.S. Navy market. Both Italy's Fincantieri and Australia's Austal are part of two teams jockeying for the design and construction of the U.S. Navy's Littoral Combat Ship (LCS). Under a definitive agreement signed early last month, Fincantieri would acquire the Manitowoc Marine Group from Manitowoc, Inc., in an all-cash transaction of $120 million. Fincantieri has formed a new U.S. company, Fincantieri Marine Group Holding, Inc., to acquire Manitowoc Marine Group and to manage its operations. The transaction is expected to close by the end of 2008 and is subject to a number of conditions, including approval by the U.S. antitrust authorities and the Committee on Foreign Investments in the U.S.
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