French govt. paves way for Fincantieri to acquire a 48% stake in STX France

STX France - deal on new shareholding moves closer STX France - deal on new shareholding moves closer

After a long, drawn-out process, the French government announced it has reached a preliminary deal for Italy's Fincantieri to acquire a 48% stake in shipbuilder STX France.

French industry minister Christophe Sirugue said France will retain its 33.3% stake in STX, as well as its veto right, while French military shipbuilder DCNS will have around 12%. A privately-held Italian banking foundation, Fondazione CRT, will take a stake of around 7%.

Fincantieri had agreed to protect jobs and investment in the Saint Nazaire yard as part of the deal, Sirugue told a news conference in Paris on Thursday.

This package incorporates a shareholders agreement stretching 20 years. The STX capital won’t be able to change for eight years, which allows the French state to influence the company's strategy through the board, where it will have a seat, along with DCNS and an employees' representative. France also keeps a pre-emptive right if Fincantieri wants to withdraw before 2037. 

Discussions continue, Sirugue said, 'even if we have got  through the difficult stages.'

 

Posted 06 April 2017

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Mary Bond

Managing director publishing and content at Seatrade

 Europe Exhibitor