STX FRANCE and FINCANTIERI finally merge. The deal is done.
After taking controll by the state of France, the nationalization, never meant to be permnanent, created a new deal to secure STX FRANCE, former Chantiers de l'Atlantique, Saint-Nazaire.
by Earl of Cruise, based on CRUISEINDUSTRY NEWS, MER ET MARINE report and REUTERS
Keel laying ceremony for CELEBRITY EDGE - courtesy STX FRANCE
Media reports coming out of France claim a long-awaited deal to give FINCANTIERI control of STX FRANCE is essentially done. After the nationalization of STX FRANCE by President Macron. The takeover deal with FINCANTIERI was already settled under the presidency of late President François Hollande. 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 in July.
The
struggle between Paris and Rome over the sale of the STX FRANCE
shipyards in Saint-Nazaire is ending today with a `handshake´. At
the end of the Franco-Italian summit in Lyon, the President of the
Republic of France is due to speak this Thursday evening, notably on this issue,
and to end, with the President of the Italian Council Paolo Gentiloni, a
subject of discord between the two countries.
According to REUTERS, under the agreement FINCANTIERI will take 50
percent of STX FRANCE, the French state 34.34 percent, NAVAL GROUP 10
percent, STX FRANCE staff 2 percent and STX local suppliers 3.66 percent.
Giving 2% of the stocks to the employers of STX is not communism, but pure capitalism, as it should be - social, and participating. Employees as shareholder make them really going for the company they work for ... It is a move away from Neo Liberalism to a needed Social Capitalism.
The French state will then lend 1 percent to Fincantieri, giving it 51 percent of the shipbuilder and thus, complete control.
There is a clause for the French state to take back their 1 percent if certain conditions are not meant.
There is another initiative underway to study a merger into the
French GROUPE NAVAL, which would make Fincantieri a naval building
powerhouse.
It
seems clear that in the aftermath of the great speech of Emmanuel Macron at the Sorbonne on the revival of European construction, the
conclusion of a Franco-Italian agreement appears politically inevitable.
It remains to be seen exactly which, knowing that the margins of
maneuver were very limited, between France who did not want to leave
more than 50% of the Nazirian shipyards to the Italian public group
Fincantieri and the latter requiring at least 51% of the company.
Emmanuel Macron's 'Initiative Europe' speech in Sorbonne [26/9/2017] - Source: Youtube (AlphaX News)
The
compromise should in particular depend on the final decisions taken
elsewhere concerning a rapprochement of Fincantieri, which has a dual
activity (civil and military) with the French NAVAL GROUP (formerly DCNS), a specialist in fighting ships before he also enter the capital of the Saint-Nazaire shipyards.
A
relatively complex three-band billiard game whose lines have moved
several times during the course of the negotiations, calling for some
caution.
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