Economy Minister Pier Carlo Padoan
said Wednesday that Rome was willing to listen to the French
government's demands for changes to Fincantieri's investment in
STX but stressed that the Italian company should have control.
"The current French executive has decided to cancel the
agreements previously made on Fincantieri's presence in STX," a
statement said.
"We have expressed our willingness to listen to the demands
of the new government, but there is no reason for Fincantieri to
renounce a majority stake and control of the French company".
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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