DCNS Mulls Buying Stake in STX France

The head of the French state-controlled naval defence group DCNS said on Wednesday it was "closely studying" a possible stake purchase in STX France, a shipyard subsidiary of the struggling South Korean conglomerate STX Corp.

 

Herve Guillou said DCNS was not however looking at the option of taking a majority stake.

 

The French state holds a 33 percent minority stake in STX France, which runs naval shipyards in Saint-Nazaire on the west coast. Loss-making STX Corp is in administration.

 

One issue of importance from France's point of view is the shipyard in Saint-Nazaire, which is a big local employer with a healthy order-book for building of cruise liners.

 

The French finance ministry said on Monday the government was not planning to take a majority stake in STX France but that it would retain its minority blocking stake and expected a say in any ownership change.

 

The French state owns 62.5 percent of DCNS and Thales a further 35 percent, according to DCNS's website.