FINCANTIERI deal bust - STX FRANCE is nationalized

France nationalzed STX FRANCE and let the negotiated deal of STX with FINCANTIERI bust.

Comment by Earl of Cruise

Chantiers de l’Atlantique - Source: Wikipedia

The majority takeover of the French shipyard STX FRANCE by the Italian shipyard company FINCANTIERI has broken down for the time being. As several news agencies report, the shipyard is instead nationalized.

In my view a step saving empolyment and workers rights, as well securing French naval interests. STX FRANCE is last remaining French shipbuilder of a certain quantity. Another reason for the drastic move may be the crucial fiscal situation of France in itself, and the threat when Macron is failing, we all have to deal eventually with the irratic political sorcière Le Pen. Further the sale of ALSTOM´s energy branch to GENERAL ELECTRIC as foreign investor is not well regarded in France. Especially since the start of the Things presidency. The French shipyard had previously other owners, among them AKER.

I am certainly not a fan of FINCANTIERI, even if they are capable of shipbuilding, but they build vessels for owners, maily CARNIVAL CORP., that are not worth to be named ships - so COSTA (DISASTRIA) CONCORDIA. The sinking was not caused by FINCANTIERI, but its uncapable "capitano".

Capzised COSTA CONCORDIA, after the machines did not work any longer the wrecked cruise vessel was drifted by the wind and current onto the rock off Guilio - Source: Wikipedia

The French government did not want to accept the fact that Italian investors, in particular FINCANTIERI, took over the majority stake in STX FRANCE, thus making use of their right of pre-emption shortly before the expiry of a corresponding period, thereby nationalizing STX FRANCE. The French state previously held a third of STX FRANCE shares.Actually the takeover deal with FINCANTIERI was already settled. According to this, French investors should hold 45 per cent of the shares in STX FRANCE, 48 per cent would go to FINCANTIERI and a further 7 per cent to Fondazione CR Trieste. The new French President Emmanuel Macron, however, broke with the agreement negotiated under his predecessor Francoise Hollande.

FINCANTIERI shipyard in Venezia, Sestri - Source: Wikipedia

FINCANTIERI was the last remaining bidder for the shipyard to be sold to FINCANTIERI by her financially raised South Korean parent company STX.The nationalization of STX FRANCE is described as temporary in the agency reports. Now FINCANTIERI is forced negotiating again about the takeover conditions. This will put pressure on the Italian government, which is the main owner of FINCANTIERI.The acquisition of two-thirds of the STX FRANCE shares at a price of EUR 79.5 million is intended to protect the strategic interests of France, the economic and finance minister Bruno Le Maire is quoted. The French government intends to implement a contract whereby French and Italian investors each hold half of the shares in STX FRANCE.

According to HANDELBLATT France will for the future hold its 33% shares in STX FRANCE. The French unions demand for final nationalisation of STX FRANCE.

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