France Prevents Fincantieris STX Takeover

STX France France has decided to refuse the proposal of Italian shipbuilder and ship designer Fincantieri to acquire the majority stake in STX France shipyard.  By using its right of preemption, France will control 100% of STX France in the next few months. The decision will give the country time for better negotiation and agreement, Bruno Le Maire, French Minister of Economy and Finance, tweeted on July 27. However, the nationalization of the shipyard is temporary as the country does not intend to remain the sole shareholder, STX France said in a statement. France would set up in the long term a round table aimed at forming STX Frances new shareholder structure. The country will continue to negotiate with Italian partners in the coming days, Le Maire added. Specifically, France plans to offer Italy to expand shipbuilding cooperation into naval ships, Reuters reported citing Le Maire as saying. World Maritime News Staff