Fincantieri finally seals complex deal to take over STX France

Fincantieri finally seals complex deal to take over STX France

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.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.

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