Italy and France have reached a
deal on Italian shipbuilding group Fincantieri's takeover of the
French STX shipyards, Italian government sources said Wednesday.
Fincantieri will have a 50% stake in the Saint Nazaire
shipyard plus an additional 1% loaned to it by the French state
for 12 years in the deal reached before Wednesday's
Italian-French summit in Lyon, French government sources said,
confirming a report in Le Monde.
France can take back the 1% if Fincantieri does not comply
with the deal during those 12 years, they said.
If Paris takes back the 1%, Fincantieri will have the option
of selling the 50%, Rome government sources said.
The deal, which also envisages military cooperation by the
end of next year, was ratified at a Lyon summit where French
President Emmanuel Macron and Italian Premier Paolo Gentiloni
were expected to see eye-to-eye on collaborating to construct a
new Europe.
The ownership of STX is now thus constituted: 50%
Fincantieri, 34.34% French State, 10% Naval Group, 3,66% local
companies, 2% workers.
The board is made up thus: 8 members, of whom 4 from
Fincantieri, 2 from the French State, one representing workers
and one the Naval Group.
The president and CEO will be up to Italy to name, while
France will have a veto over the appointments, it was reported
after earlier reports that France's Laurent Castan would remain
president.
Fincantieri shares fell 2% on the Milan bourse on news of the
deal.
The deal "is an improvement on the previous one from all
standpoints", Italian industry and economy ministry sources
said.
The Italian shipbuilding group "will have direct control of
51% (of the Saint Nazaire shipyards), something not granted in
the previous accord which envisaged 48% for Fincantieri and 4%
for an Italian financial institution".
They said the Italian group "will also have the president,
managing director and majority on the board via the casting
vote".
The deal sets up the "construction of a world leader in the
naval, civil and military sector, through an equal partnership
between Italy and France", the sources said.
The 1% of STX loaned by the French government for 12 years
can be revoked for non-compliance with the terms of the deal,
the sources noted, saying this provision was already in the
previous accord.
The Trieste-based company had been set to take over the
company but the French government exercised pre-emption rights
on STX capital in July, blocking the takeover and causing
considerable tension with Rome.
Paris had called on Fincantieri to accept an offer to divide
STX's capital 50-50.
But at the time Rome said it would not accept a deal in which
Fincantieri did not have control of STX.
photo: Fincantieri CEO Giuseppe Bono
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