The shipyard group said it will sell 450m shares this week, down from the maximum of 704m originally planned.

It has priced the offering at EUR 0.78 each, the bottom of its range which ran up to EUR 1.

This will bring in EUR 351m ($479m), but an over-allotment option for 50m shares granted by government-controlled Fintecna could add another EUR 39m.

Fintecna