The initial deal had Italy‘s Fincantieri getting a 66.6% share in the yard following the collapse of South Korean parent STX. France kept its 33.3% and its veto right. Subsequently Fincantieri agreed to reduce its stake to 48% by selling shares to an Italian investment consortium, Fondazione CR Trieste. French state-controlled naval shipbuilder DCNS would take a 12% stake.
At MSC Meraviglia’s delivery in June, newly inaugurated French President Emmanuel Macron called for a revision of the terms of the STX France agreement, approved in April by the former government.
This led to the new proposal which Rome doesn't appear ready to accept, according to an Italian ministry source cited by the AFP French Press Agency.
'If our Italian friends tell us that they don’t agree with our offer, using our pre-emptive rights will give us time to renegotiate a new shareholder agreement in very serene conditions,' Le Maire said Wednesday on FranceInfo radio. An STX takeover by the French state would involve a limited investment of 'tens of millions of euros' on a 'temporary' basis.
According to the Economy Ministry, the French shareholders in this new arrangement would include Naval Group (ex-DCNS), the French state (through BpiFrance) and the STX employees.
An official announcement is expected Thursday.
See update: 'France nationalizes STX yard, buying time to renegotiate sale'
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