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Decision on Chantiers-Fincantieri deal postponed againDecision on Chantiers-Fincantieri deal postponed again

The proposed acquisition of Chantiers de l'Atlantique by Fincantieri has been set back again, this time until Dec. 31.

Michèle Valandina, French correspondent

October 30, 2020

1 Min Read
CRUISE Chantiers de l'Atlantique
Chantiers de l'Atlantique remains majority owned by the French statePHOTO: ANNE KALOSH

The decision was jointly taken by the parties involved.

Oct. 31 was the deadline for confirming the agreement announced in September 2017 and already postponed three times.

Under the terms, Fincantieri would acquire 50% of Chantiers and be loaned an extra 1% for 12 years.

In-depth EU probe launched a year ago

This latest delay would allow the EU Directorate General for Competition to reach a decision concerning its in-depth investigation launched in October 2019. Last June, EU antitrust chief Margrethe Vestager had said that gauging the market impact of Fincantieri's takeover was likely to take some tîme.

According to French media, the EU is still waiting for the Italian shipbuilding giant to provide requested data.

For now, Chantiers' majority owner is the French state, with Naval Group holding a minority stake.

About the Author

Michèle Valandina

French correspondent

A graduate from Lyon University, where she specialised in foreign languages and American literature, Michèle worked as an interpreter/translator (English, German and Italian) for major international events before entering the diplomatic world for a few years. As a Paris-based freelance travel and lifestyle writer, she has been a contributor to a host of publications and has long specialised in two sectors: cruising and wellness. Her features have appeared in, among others, Le Monde, Le Figaro, Le Figaro Magazine, Les Echos Week-end and periodicals dedicated to the MICE sector. She has also featured on radio and TV travel programmes and, since 1992, has been the author of the only French cruise guide, Croisières Passion.

 

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