Published: 2017-08-09

STX France to be nationalized

Ports & terminals STX France to be nationalized

Photo: STX France

Bruno Le Maire, the French Minister of Economy and Finance, has said that the reason for the takeover is to protect the country's strategic interests in naval construction.

The intervention of the government counters the Italian state-controlled Fincantieri plans to gain majority stake in the yard. They were interested in purchasing 66% stake, but the French government agreed only to 50%. Fincantieri rejected this offer, and now the French government having the preemption rights (holding so far 33.3% of the shares) decided to take over the shipyard for EUR 80 mln. 

"The preemptive decision that we have just taken is a temporary decision, to give us time for better negotiations and a good agreement," Bruno Le Maire, said.

Pier Carlo Padoan, Minister of Economy and Finance, and Carlo Calenda, Minister of Economic Development, explained the Italian government's point, "We consider that the French government's decision not to honor agreements is serious and inexplicable."



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