French President to Look into Terms of Fincantieri’s Acquisition of STX France
- Business & Finance
French President Emmanuel Macron wants to review the terms of Fincantieri’s acquisition of its St Nazaire-based counterpart STX France.
“I want to see the initial balance agreed in April to be revised,” Macron is quoted as saying by Reuters while attending the delivery ceremony of MSC’s new cruise ship MSC Meraviglia built by the French yard.
At 171,598 GRT, MSC Meraviglia is the biggest ship to ever be built by a European shipyard for a European owner. It is one of the four vessels to be built by STX France for MSC.
According to Macron, “STX France’s shareholder structure should neither put jobs at risk nor jeopardize its capacity to win new business,” Reuters added.
However, the French president assured that he supports the deal between the Italian shipbuilding group and STX.
Je salue le rapprochement industriel entre STX France et Fincantieri.
— Emmanuel Macron (@EmmanuelMacron) May 31, 2017
Italian shipbuilder Fincantieri signed the share purchase agreement for the acquisition of majority share capital of STX France – 66.66 percent- from its current shareholder, STX Europe AS in mid- May.
The purchase price of EUR 79.5 million (USD 88.5 million) would be paid through available financial resources, Fincantieri said.
The shipbuilder further pointed out at the time that it was continuing to negotiate with the French State for the finalization of the shareholders’ agreement for the yard in accordance with the Heads of Terms signed on April 12.
Under the deal, Fincantieri would acquire a 48 percent stake in STX France, while France would retain its 33 percent stake in the shipyard. Fondazione CR Trieste, would support the deal as an independent investor, taking up to 7 percent stake in the yard while DCNS would hold on to the remaining 12 percent.
STX France has approximately 2,600 employees and a network of more than 500 subcontractors. In 2016 it reported revenues of approximately EUR 1.4 billion.
If completed, the acquisition of STX France, which specializes in building cruise ships, is expected to boost Fincantieri’s position in the cruise segment.
Word Maritime News Staff