France’s STX shipyard to Italy’s Fincantieri fold
With the French government's approval to the sale of STX France to its Italian rival Fincantieri a new shipbuilding giant is created in Europe. Europe shipbuilding industry can now compete with the big players of the sector, especially South Koreans and Chinese. Italian shipbuilding giant Fincantieri will now become a relative-majority shareholder with fewer than 50% of shares for eight years in STX France, the last gem in the country's once-thriving shipbuilding industry. According to Le Monde newspaper the French government, which had been reluctant to see state-controlled Fincantieri alone hold more than 50 percent in the STX France shipyards, had considered nationalising them but had now discarded this option. Reuters report said that a privately-held Italian banking foundation will hold another 10 percent of STX France, the newspaper added, while the French state will retain a 33 percent holding and French military shipbuilder DCNS could also get 10 percent. STX France specialises in building cruise ships at its former naval yard at Saint-Nazaire, and its sale forms part of a broader disposal of businesses following the demise of South Korea's STX shipbuilding group.