Fincantieri reaches agreement on STX France acquisition

Fincantieri will take an effective majority in STX France, owner of the Chantiers de l'Atlantique yard in St Nazaire Fincantieri will take an effective majority in STX France, owner of the Chantiers de l'Atlantique yard in St Nazaire

Fincantieri and the French government have agreed on terms for the sale of an effective majority share of STX France to the Italian shipbuilder.

The €59.7 million deal, which will see the French owner of St Nazaire shipyard (formerly Chantiers de l'Atlantique) join Fincantieri’s global yard portfolio, will create a major player in the cruise and naval shipbuilding business.

The acquisition was thrown into question last year when the French government cancelled a deal with FIncantieri and an Italian investor to buy 55% of STX France. But a resolution agreed in May 2017 paved the way for the sale of 50% of the business. Combined with a further 1% stake to be borrowed from French state vehicle Agence des Participations de l'Etat (APE), Fincantieri will hold an effective majority in the French shipbuilder.

After the closing of the transaction, the APE will hold 34.34% of STX France (including the 1% to be lent to Fincantieri). Naval Group will hold 10%, while STX France will hold 2.4% and other local French companies 3.26%. If the employee and local company ownership plans cannot be implemented, that stake of 5.66% will revert to Naval Group.

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