Bruno Retailleau, president of France's Pay de Loire regional council, says he has put together a group of 10 STX France subcontractors to bid for a critical minority stake in the Saint-Nazaire-based cruise shipbuilder.
The move comes after newly elected French president Emmanuel Macron said he wanted to see a renegotiation of the proposed ownership stakes, which currently involves Italian shipbuilder Fincantieri holding the largest slice with 48%, the French state 33%, Italian private equity investor Fondazione 7% and French state navy shipbuilder DCNS 12%.
STX France is being sold off as part of the financial restructuring of South Korea's STX Offshore & Shipbuilding Group.
The French concern is that Fondazione’s 7% stake would potentially give the Italians an overall majority.
The suggestion is that Macron wants to see a redistribution of the share with potentially the Italian fund ousted from ownership and replaced by French interests.
Retailleau said he wants to “reclaim STX France, the flagship of our shipbuilding industry, and safeguard our strategic interests”.
He added he has put together a consortium of 10 local subcontractor companies to bid for a stake.
“I have asked economic and finance minister Bruno Le Maire to welcome this proposal and to meet the representatives of this consortium shortly to define the conditions of their stake in STX France,” he said.
He added that even STX employees could form part of the ownership scheme. “Opening the capital to shipyard workers is a solution that is going in the right direction,” he added.
An alternative ownership scheme is also being considered in which STX France’s major customers, giant cruise companies Royal Caribbean Cruises and MSC Cruises, would be invited to take a share in the ownership of STX France.
Fincantieri chief executive Giuseppe Bono was recently quoted as saying he would not oppose a change in the ownership structure. "The make-up of the shareholder composition could change if there is the feeling that it would add value to the company," he said.
