France’s president Emmanuel Macron has found a solution to a shipyard spat that had soured diplomatic relations with neighbour, Italy.
Italian shipbuilder Fincantieri will now take control of STX France. In July, Macron had temporarily nationalised the French yard, nixing a deal sealed by Fincatieri and another Italian investor to take a 55% stake in the St Nazaire facility.
Macron has now signalled Fincatieri can proceed and take a lead stake in the yard with the French and Italian governments then planning to create a joint naval defence group, merging French military shipyards company Naval Group with Fincantieri.
Under the terms of Wednesday’s agreement, Fincantieri will take a 50% stake in STX. The French state will hold 34.34%, Naval Group 10%, STX staff 2% and STX local suppliers 3.66%.
In order for Fincantieri to take effective control, the French state will lend it a 1% stake.