September 28 (Renewables Now) - Italian state-owned shipbuilder Fincantieri (BIT:FCT) will take over 51% in the Saint-Nazaire based shipbuilder STX France, the office of French President Emmanuel Macron officially announced on Wednesday.
The maritime construction French company is also active in engineering, foundations for offshore wind turbines, vessels for construction and maintenance, and electrical substations for offshore wind farms.
Fincantieri will now effectively own 50% in STX. The French state will hold 34.34%, Naval Group will have 10%, STX local suppliers --3.66% and STX staff -- 2%.
The French state will lend Fincantieri a 1% stake, allowing it to take effective control but in case the Italian company fails to honour commitments on jobs, governance or intellectual property, the French state will have the right to take it back.
Fincantieri has also entered in merger talks with the Naval Group. The two of them should come up with “a roadmap detailing the principles of the future alliance” by June 2018.