France, Italy Agree on STX Shipyard Ownership Split
The French and Italian governments have agreed on a shared ownership deal of the STX France shipyards, but with a clause giving France the right to take control if needed, Le Monde newspaper reported.
Le Monde reported, citing an adviser to French President Emmanuel Macron, that Italian company Fincantieri could get 51 percent ownership, including a 1 percentage point stake lent to it by France, which France could take back.
Italian state-owned shipbuilder Fincantieri declined to comment.
Fincantieri had agreed in May to pay 79.5 million euros ($93.43 million) for a majority stake in STX France, which is being sold following the collapse of South Korean parent STX.
But the Italian bid raised fears about French jobs at the Saint-Nazaire site and the French government has also been concerned about the strategic importance of the yard, the only one big enough in France to build aircraft carriers and other large warships.
An official at Macron's office had said earlier this week that France and Italy could reach a deal over the STX France shipyards at a meeting on Wednesday.
French finance minister Bruno Le Maire said on Wednesday he was hopeful of being able to form a European naval champion, similar to the leader in railways engineering created by the Alstom and Siemens tie-up.
"I hope that in the naval sector, without wishing to give away anything that might arrive this evening, we can also move towards a world giant in terms of industrial, naval construction - on a European scale," Le Maire told reporters, reiterating his support for the tie-up between Siemens and Alstom.
Reporting by Sudip Kar-Gupta and Valentina Za
