Cantieri Navali Italiani (Fincantieri) says that it has obtained a court order that will allow it to continue acquisition discussions with Davie Yards in Quebec. The Quebec Superior Court extended the stay of proceedings to July 7, 2011.
The company entered into an exclusivity agreement with Fincantieri and DRS Technologies Canada for the acquisition with a deadline of May 19, 2011.
The yard will be majority-owned by Fincantieri.
On May 8, 2011, Davie Yards workers accepted by a majority of 93 per cent the proposal for a five-year collective agreement presented by the consortium led by Fincantieri.
Terms of the proposal have not been revealed.