Paris approves STX France sale

Paris approves STX France sale

The French government has given the green light for the sale of a 48% equity stake in shipyard STX France after it reached a preliminary deal with Italy’s Fincantieri Group.

STX France was put up for sale last year following the bankruptcy of its South Korean controlling shareholder STX Offshore & Shipbuilding.

The French government holds a minority 33% stake in the shipyard, and had considered taking over STX France in order to maintain jobs at the site.

In the latest deal, Fincantieri will acquire a 48% stake in the shipyard, while France’s state-controlled naval shipbuilding DCNS will acquire a 12% stake. The French government will keep its one third holding, and  Italian investment group, Fundazione CR Trieste, will acquire the remaining 7%.

The French government will retain a veto right over the next 20 years on any move to shift the operations at the Saint-Nazaire shipyard outside the country. It also demanded that Fincantieri retain a minority position for at least eight years.

Jason Jiang

Jason worked for a number of logistics firms following his English degree, then switched this hands-on experience to writing and has since become one the most prolific writers on the diverse China logistics industry writing for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week. Jason’s access to the biggest shippers with business in China has proved an invaluable source of exclusives.

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