French President Emmanuel Macron (R) walks on the blue carpet with French Economy minister Bruno Le Maire (C) and Mediterranean Shipping Company (MSC) Chairman Gianluigi Aponte (L) during a visit and christening of the MSC Meraviglia cruise ship at the STX Les Chantiers de l’Atlantique shipyard site in Saint-Nazaire, France, May 31, 2017. REUTERS/Stephane Mahe
SAINT-NAZAIRE, France, May 31 (Reuters) – French President Emmanuel Macron said on Wednesday he wanted to review the terms of a recent deal to sell a large stake in the STX France shipyard to Italian group Fincantieri.
Speaking at the launch of a new cruise ship, Macron said the STX France’s shareholder structure should neither put jobs at risk nor jeopardise its capacity to win new business.
“I want to see the initial balance agreed in April to be revised,” Macron said, adding that he was nonetheless in favour of the tie-up with the Italian company.
The government in place before Macron’s election as president earlier this month struck a preliminary deal in April for Fincantieri to acquire a 48 percent stake in STX France.
The company is being sold off following the collapse of South Korean parent STX, but Fincantieri’s bid had raised fears for French jobs at the Saint-Nazaire site on the Atlantic Coast, as well as for French interests.
France, which is to retain its 33 percent stake in STX France under the deal, had at one point contemplated nationalising the firm and was reluctant to allow Fincantieri alone to hold more than 50 percent of the company. (Reporting by Guillaume Frouin; writing by Leigh Thomas; Editing by Laurence Frost)
(c) Copyright Thomson Reuters 2017.
Join the gCaptain Club for curated content, insider opinions, and vibrant community discussions.
Join the 109,769 members that receive our newsletter.
Have a news tip? Let us know.
South Korean conglomerate Hanwha Group has completed its $100 million acquisition of Philly Shipyard through its subsidiaries Hanwha Systems and Hanwha Ocean, marking a historic moment as the first Korean...
The biggest vessel-ordering program since the eve of the global financial crisis is putting a squeeze on the shipbuilding industry’s capacity to construct new vessels.
Spanish state-held shipbuilder Navantia will acquire the shipyards of Britain's Harland & Wolff, the Belfast-based company best known for building the Titanic, the British government said on Thursday.
Maritime and offshore news trusted by our 109,769 members delivered daily straight to your inbox.
Essential news coupled with the finest maritime content sourced from across the globe.
Sign Up
Join The Club
