Macron paves way for Fincantieri to take over STX France

Macron paves way for Fincantieri to take over STX France

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.

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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