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STX France/Fincantieri: a solution by September 27?STX France/Fincantieri: a solution by September 27?

Discussions between France and Italy regarding the sale and control of STX France resume today in Rome with Bruno Le Maire French minister for economy and finance meeting with Italy’s finance minister, Pier Carlo Padoan, to try and find a resolution to the transaction.

Michèle Valandina, French correspondent

September 11, 2017

1 Min Read
Credit: Seatrade Cruise News

A crisis emerged in early summer between the two countries after France’s newly elected president Emmanuel Macron announced his administration would renegotiate the deal reached in April with the former French government, which gave a majority stake to Italy.

A temporary nationalization of the St Nazaire shipyards was decided by the French state in July, which blocked mostly state-owned Fincantieri’s takeover bid.

In a joint statement early August, the two countries decided to take time to find a ‘mutually acceptable solution’ and that France would not open STX France to other bids before September 27, when a summit will be held in Lyon attended by president Macron and Italy’s head of government Paolo Gentiloni.

Little information has filtered out about any new proposals, but Le Maire said they should be extended to Franco-Italian cooperation in the field of naval defense.

He also stressed, if there was no agreement, the nationalization would remain in place, but he didn’t believe it was the future of the Saint-Nazaire shipyards.

 

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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