STX France : nationalization authorized prior to the acquisition by Fincantieri

Green light has been given. The temporary nationalisation of the shipyard STX France, prior to the redemption by the Italian competitor Fincantieri, has been authorized by a decree published Thursday in the official Journal (OJ).

“The acquisition by the State of 9.525.837 shares of STX France representing 66.66% of the share capital for an amount of 79.550.000 euros, is permitted”, according to the JO.

The State, which already held a third of the shares, thereby redeems the share of the south Korean (STX), until then owner of the French shipyard.

Crisis between Paris and Rome

At the end of July, the announcement of the nationalisation is “temporary” for STX France, which promised to Fincantieri under the presidency of François Hollande, had led to a crisis between Paris and Rome.

Shortly after his election, the head of the State, Emmanuel Macron had decided to reopen the folder, the time to renegotiate downward the participation of the buyer, Italian Fincantieri, which demanded an absolute majority in the capital of the French site. After months of a long series of diplomatic, Fincantieri has finally gotten 50% of the STX, for which it is necessary to add 1% “lent” by the French State, which reserves the right to repossess it if the Italian does not meet its commitments during a period of twelve years.

(with AFP)

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