STX France nationalized, thwarting purchase attempt by Fincantieri

Prior to the latest announcement, STX France had been up for sale, with Italian group Fincantieri emerging in April as the apparent winner before a deal fell apart.    France has exercised its right of first refusal with regard to the acquisition of shipbuilder STX France and has temporarily nationalized the company, French Economy and Finance Minister Bruno Le Maire declared July 27.
   Prior to the announcement, STX France had been up for sale, with Italian group Fincantieri emerging in April as the winner and reaching a deal with France’s government to purchase a majority stake the company, which was being sold off after the collapse of its South Korean parent company, STX.
   Negotiations, however, fell apart as France wanted to craft a 50/50 ownership deal, the terms of which were rejected by Fincantieri.
   Le Maire said that his government’s takeover was for the sole purpose of defending France’s interests in construction shipbuilding, adding that STX France is a unique industrial tool in the country and, as such, the government wanted to ensure those construction jobs remained in France.
   He also said that the shipyards aren’t intended to permanently remain under state control and signaled that the takeover was a negotiating tactic.
   “The pre-emption decision we have just taken is therefore a temporary decision,” Le Maire said. “It must give us the time to negotiate in the best possible conditions the participation of Fincantieri to the shipyards.
   “This decision is part of the economic strategy we want to develop with the President of the Republic and Prime Minister,” he explained. “We want to unleash productive capacities and protect our strategic interests.”
   Le Maire said he plans to be in Rome this week in order to speak with Italian officials, after having conducted negotiations “on numerous occasions” over the phone last week.