Ministers from Italy and France have pledged to push through the merger of cruiseship builders Fincantieri and STX France.
Italian economic development minister Luigi Di Maio’s office issued a statement following a meeting with French finance minister Bruno Le Maire in Rome.
They reiterated their commitment to the alliance roadmap of September 2017 and the work undertaken by Fincantieri and France’s military shipyard company Naval Group.
Fincantieri in its first half 2018 financial results last week confirmed it had signed an agreement with the French state to acquire 50% of the share capital of STX France, the former Chantiers de l’Atlantique.
The Italian group will effectively take control because 1% of the share capital will also be loaned to Fincantieri.
France will retain 34.34% and Naval Group, formerly DCNS, 10%. STX France employees will hold 2% and the yard's local suppliers 3.66%.
The French state will be able to demand the loaned 1% of share capital back if Fincantieri fails to honour terms relating to jobs, management or intellectual property.
Fincantieri said last week that closing of its 50% share acquisition remains subject to “customary conditions for this kind of transaction, including approval of the relevant antitrust authorities.”
Terms of the 1% loan had already been agreed.This and the shareholders’ agreements will be signed at the closing of the transaction.
Fincantieri described the deal with STX France as “part of a broader collaboration on shipbuilding between Italy and France in the context of a consolidation of the European shipbuilding industry.”
The Italian and French ministers meeting was to discuss ways to deepen industrial and economic co-operation between Italy and France.
Le Maire is also scheduled to meet with Italian Finance Minister Giovanni Tria.
