France and Italy work to resolve differences over STX France

AUGUST 1, 2017 — The French and Italian governments are working to resolve their differences over the future of shipbuilder STX France. The two sides issued a joint statement today that expressed some lofty ambitions to create a world leading naval and commercial shipbuilding powerhouse.

The aim is to find a mutually acceptable solution by the September 27 annual Franco-Italian summit. Meanwhile, the French Government undertakes not to open the capital of STX to third parties and to consider Fincantieri as its preferred option for the future of the company.

Here’s the English language press release issued by the Italian Ministry of the Economy and Finance:

Mr. Padoan, Mr. Calenda and Mr. Le Maire met today in Roma in order to discuss STX / Fincantieri partnership, following the French State’s decision to exercise pre-emption rights on STX’s shares of STX France, announced last Thursday.

The Italian Government deeply regrets this decision.

However, the French and the Italian Governments express their intent to overcome their differences on the balance in STX’s capital structure.

The French and Italian Governments express their wish of facilitating the creation of a more efficient and competitive European shipbuilding industry. They share the objective of moving towards a strong alliance between the two countries, in both civil and military sectors. Bringing together the strengths of Fincantieri, STX France and Naval Group would create a global European leader aiming at being world’s largest exporter in civil and military markets, with a significant activity in systems and services.

As part of this project, the capital structure of STX France will be dealt with the objective of defining a mutually acceptable solution by the Franco – Italian bilateral meeting of 27th September. The stake of Fincantieri in STX France shall be defined in line with its leading industrial role. During this period, the French State commits not to open the capital of STX France to any third party and to consider Fincantieri as its preferred option for the future of the company.

 You can read the French version of the statement HERE