THE Scottish Government is set to finalise its takeover of Ferguson's shipyard after administrators kicked out offers from three potential private purchasers.

It was announced yesterday that the government has started legal discussion with Deloitte to conclude the deal to take the yard into public ownership and get on with completing two unfinished ferries for CalMac.

The administrators have concluded that three indicative offers for the business received from commercial parties are either not capable of being executed or do not represent a better outcome for creditors than a sale of the business to the Scottish Government.

Administrators expect to finalise the deal with the government within the next four weeks.

Inverclyde MSP Stuart McMillan hailed the announcement as 'fantastic news for the local area and workforce'.

He said: “The past year, but particularly the last few months, have been fraught with uncertainty for the workforce and there were concerns over whether or not these ferries would be completed. "However, in August the Scottish Government took the decisive step to secure the future of this yard, which stakeholders locally and nationally welcomed.

“The announcement that the Scottish Government will complete the purchase is hugely positive and highlights the SNP’s commitment to shipbuilding on the Clyde.

"It also poses a huge opportunity to seek further investment in the local area and for more vessels to be built at the yard.

“No one wanted this situation to develop as it has – but thanks to our finance secretary Derek Mackay, these ferries will be built, jobs have been saved, and ship building has a future in Port Glasgow.”

Economy Secretary Mr Mackay said: "Administrators have concluded that despite other bids being submitted for the yard, the Scottish Government’s offer presents the best outcome for creditors.

“We are working with the administrators to bring the yard into public ownership."