By Gwénaëlle Barzic and Giulia Segreti ROME/MILAN, Aug 1 (Reuters) - France and Italy want to find a solution for Italian shipbuilder Fincantieri's blocked takeover bid for STX France shipyards by Sept. 27, French Finance Minister Bruno Le Maire said on Tuesday. French President Emmanuel Macron angered Rome by ordering STX's "temporary" nationalisation last month, cancelling … [Read more...]
France Offers Italy Naval Ship Deal to Resolve STX Row – Report
PARIS, July 30 (Reuters) - France will offer to expand shipbuilding cooperation with Italy into naval vessels, Finance Minister Bruno Le Maire said, after Paris thwarted a tie-up it is now seeking to renegotiate between the STX France shipyard and Italian rival Fincantieri. Le Maire, who will reopen negotiations in Rome on Aug. 1, described the offer as "a gesture of … [Read more...]
Macron’s Step to Nationalize Shipyard Spooking Outsiders
By Helene Fouquet and Mark Deen (Bloomberg) -- As first steps go, President Emmanuel Macron’s decision Thursday to nationalize a shipyard is as French as it gets. The move, aimed at blocking Italy’s Fincantieri SpA from taking control of the 155-year-old shipbuilder, is confounding those who’ve been expecting Macron to ring in a new era of business friendliness. … [Read more...]
France to Nationalize STX Shipyard if Italy Snubs Ownership Deal
PARIS, July 26 (Reuters) - The French state said on Wednesday it would nationalise the STX France shipyard if Italy does not accept its offer to split STX's capital equally, putting down a marker on the limits of economic liberalism under new President Emmanuel Macron. The threat raises the stakes in a standoff over the shipyard's fate, the only one in France with facilities … [Read more...]
French President Macron Wants Review of STX Shipyard Sale to Fincantieri
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 … [Read more...]
Fincantieri Signs Deal to Acquire Majority Stake in STX France
Italian shipbuilding group Fincantieri on Friday signed an agreement to acquire a majority stake in STX France, operator of the 150-year-old shipyard in Saint-Nazaire, France, as the Italian shipbuilder looks to expand its already-sizeable footprint in the large cruise ship market. Fincantieri said Friday it will pay euro 79.5 million for 66.66% of the share capital of … [Read more...]
Fincantieri’s Takeover of VARD Comes Up Short
Fincantieri's bid for all remaining shares of Vard Holdings failed to reach the minimum threshold required to take the company private. Fincantieri said Friday that its voluntary unconditional offer for all remaining shares launched on November 13, 2016 closed with Fincantieri holding just 74.45% of Vard's total share capital. Prior to the offer Fincantieri … [Read more...]