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 is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.
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