EC to investigate Fincantieri acquisition of Chantiers de l'Atlantique

JANUARY 8, 2019 — If you thought that Fincantieri's acquisition of Chantiers de l'Atlantique was a done deal, think again.

The European Commission today said that it has agreed to a request submitted by France and Germany asking it to look at the proposed acquisition in the light of the EU Merger Regulation.

The Commission considers that the transaction could harm competition at European and global level.

In a statement issued today, the Commission says that, "without prejudice to the outcome of its exhaustive investigation, the Commission considers that the transaction could significantly harm competition in shipbuilding, in particular in the global cruise ship market." The Commission also concluded that it was best placed to examine the potential cross-border effects of the transaction. Therefore the acquisition of Chantiers de l'Atlantique by Fincantieri will be fully examined by the Commission.

In a backgrounder, the Commission notes:

Fincantieri is an Italian shipbuilding group, the bulk of whose capital is held by Cassa depositi e prestiti, itself majority-owned by the Italian State. The Fincantieri group is mainly active in the design and construction of merchant vessels, military vessels and specialized high-end offshore vessels. It also provides services to ship owners and designs and manufactures mechanical equipment. Fincantieri is Europe's largest shipbuilder.

Chantiers de l'Atlantique is a French shipbuilding company based in Saint-Nazaire, the bulk of whose capital is held by the French State through the Agence des participations de l'État (the French Government shareholding agency). Chantiers de l'Atlantique is mainly active in the design and construction of passenger ships. It also provides services to ship owners.

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