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Paris to use STX pre-emption rights (3)

Paris to use STX pre-emption rights (3)

Announcement by Economy Minister Bruno Le Maire

Paris, 27 July 2017, 16:22

Redazione ANSA

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French Economy Minister Bruno Le Maire said Thursday that Paris has decided to exercise its pre-emption rights on STX capital, blocking Fincantieri's takeover of the French shipyard.
    The case has caused considerable tension between Paris and Rome in recent days. 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 Le Maire said Paris would exercise its pre-emption rights unless Fincantieri accepted an offer to divide STX's capital 50-50.
    Economy Minister Pier Carlo Padoan said Wednesday that Italy was ready to talk about the deal, but stressed that he saw no reason why Fincantieri should renounce having control of STX.
    Industry Ministry Carlo Calenda said the agreement would collapse if France insisted on a 50-50 split. Le Maire said Thursday that the move to use the pre-emption rights was "temporary" and aimed at buying time to "negotiate the best possible conditions for Fincantieri's participation in the Saint-Nazaire shipyards".
    He added that "there are no suspicions about our Italian friends" and would discuss the issue with Padoan and Calenda in Rome on Tuesday.
   

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