Italian shipbuilder Fincantieri finally on Friday bought a long discussed 50% stake in STX France for EUR59.7m.
French President Emmanuel Macron strained relations with Italy last summer by ordering a “temporary” nationalisation of STX France, based in Saint-Nazaire in western France, cancelling a deal in which Fincantieri and another Italian investor had agreed to buy 55%.
Under the terms of the new agreement, the French state will hold 34.34% of STX France, Naval Group 10%, STX France employees up to 2.4% and local suppliers up to 3.26%. The French state will lend Fincantieri a 1% stake to give it effective control of the French yard.
Fincantieri said in a statement that the latest deal “represents an important first step towards the creation of a future alliance in both cruise and military naval sectors.”
Paris and Rome are exploring the creation of a Franco-Italian naval group, merging French military shipyards firm Naval Group with Fincantieri.