Shares in Italian group Fincantieri
fell by 12% to 0.92 euros in early trading on Wednesday as
tensions between Italy and France over the ownership of the STX
shipyard escalated.
Fincantieri CEO Giuseppe Bono said the acquisition of STX
France represented an "industrial objective and not a political
one", adding that the Italian group had Rome's backing in
negotiations over the shipyard.
Fincantieri in May bought 66.6% of STX France from South
Korea's STX Offshore and Shipbuilding as part of bankruptcy
proceedings but on Wednesday France's Economy Minister Bruno Le
Maire said the French cabinet would exercise its pre-emption
rights to buy off the shipyard if Fincantieri did not accept a
French offer to divide STX's capital 50-50.
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