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.
