A new proposal could see workers at the STX France yard each invest €1,000 ($1,157) to buy a stake in the business and win a seat on the executive board of directors of the newly formed company.
French economy minister Bruno Le Maire, who is overseeing the sale of the Saint-Nazaire-based shipbuilder, is quoted as saying he has received a proposal for a part employee buyout.
The current buyout proposal, in the sale from STX Offshore & Shipbuilding Group, values the yard at just €120m.
Italy’s Fincantieri is set to be the majority shareholder with 48% of the new company, while Fondazione, the Italian private-equity fund based in Trieste will take 7% potentially to give an Italian alliance an overall controlling stake. Remaining shares are to be held by a combination of the French government and navy builder DCNS.
The French government, which controls 33% of STX France, is looking to replace the Italian fund in the deal to block the chance of an Italian majority.
Under the proposed employee scheme, each of the 2,600 STX France employees would purchase a share for €1,000, amounting to $2.6m in total and enough to acquire just over 2% of the shareholding.
A consortium of Saint-Nazaire-based industrialists has also proposed an alliance to buy a joint stake in STX France and contribute towards taking over the Italian fund's proposed shareholding.
