{"id":1094,"date":"2018-02-06T10:51:22","date_gmt":"2018-02-06T08:51:22","guid":{"rendered":"http:\/\/llsra.lt\/en\/?p=1094"},"modified":"2018-02-06T10:51:22","modified_gmt":"2018-02-06T08:51:22","slug":"new-schareholders","status":"publish","type":"post","link":"https:\/\/llsra.lt\/en\/news\/new-schareholders\/","title":{"rendered":"New schareholders"},"content":{"rendered":"

Fincantieri paying $74m for STX France<\/strong><\/p>\n

Price revealed as Italian yard signs contract with France.<\/strong><\/p>\n

February 5th, 2018 10:04 GMT<\/p>\n

by\u00a0Gary Dixon<\/a><\/p>\n

Published in\u00a0SHIPYARDS<\/a><\/p>\n

Italian shipbuilder Fincantieri is paying EUR 59.7m ($74.4m) to take control of STX France.<\/p>\n

The price was revealed as the yard group signed a contract with the French state to own 50% of the cruiseship builder.<\/p>\n

It will be loaned another 1% by the French government, represented by the Agence des Participations de l’Etat (APE).<\/p>\n

Fincantieri ‘to close STX France deal’<\/p>\n

Read more<\/a><\/p>\n

“The acquisition by Fincantieri is subject to the closing of the transaction between the French state and STX Europe and to customary conditions for this kind of transaction,” Fincantieri said.<\/p>\n

France will retain 34.34%, with French military shipbuilder Naval Group on 10%, or 15.66% if employee and local company ownership cannot be implemented at the same time.<\/p>\n

The plan is for STX France employees to own up to 2.4%, with local companies having up to 3.26%<\/p>\n

Fincantieri will have four board members, including its chairman, plus CEO Giuseppe Bono, with two for France, one from Naval Group and one from the workers.<\/p>\n

Naval tie-up planned<\/strong><\/p>\n

In September, France confirmed that the yard would finally be allowed to take control of STX France.<\/p>\n

The Paris government will be able to demand the 1% back if Fincantieri fails to honour terms relating to jobs, management or intellectual property.<\/p>\n

Fincantieri’s STX France takeover confirmed<\/p>\n

Read more<\/a><\/p>\n

Italy and France will now explore the forming of a joint naval defence group, merging Naval Group, formerly DCNS, with Fincantieri.<\/p>\n

This could be tied up by the summer.<\/p>\n

In April 2017, the Italian yard group signed an agreement to acquire 66% of STX France, but then sell 7% on to Italian investor Fundazione CR Trieste and 12% to DCNS, bringing its holding down to 48%.<\/p>\n

But the first signs of trouble appeared when new French president Emmanuel Macron said he wanted to revise this structure, and the yard was later temporarily nationalised, calling a halt to the deal.<\/p>\n