Fincantieri (Elbow) Is Close To Acquiring STX France

- Feb 01, 2018-

According to local media reports, the Italian Fincantieri Group will complete the acquisition of STX France in the next few days and will receive a 51% stake in STX France.

 

Last September, the French government and the Italian government reached an agreement on the ownership of STX France, under which Fincantieri will gain effective control of STX France.

 

The new agreement provides that Fincantieri owns 50% of STX France, 34.34% of the French government, 10% of the Naval Group, 2% of STX France employees, and 3.66% of STX France's local suppliers. In order to secure effective control of Fincantieri, the French government will lend 1% of its shares to Fincantieri and if Fincantieri fails to comply with its commitments on employment, management and intellectual property, the French government will have the right to withdraw 1% Shares. glenflange

 

At present, France and Italy will jointly form a joint naval defense group to merge Naval Group (formerly DCNS) and Fincantieri, a French military shipyard, to create a world-class shipyard. The deal is expected to be completed by June this year.

 

Fincantieri signed an agreement with the former Hollande government in April last year to acquire a 48% stake in STX France while Fondazione CR Trieste, an Italian investment firm, holds a 7% stake in STX France as an independent investor.

 

However, out of concerns about the safety of employment and the strategic value of the business, in July last year, the new French President Macron decided to nationalize STX France temporarily and cancel the previous agreement with Fincantieri.glenflange