Fincantieri Europe has signed a share purchase agreement for 50 per cent of the share capital of STX France for €59.7 million (US$74.3 million) from the French state.
Conducted by the Agence des Participations de l'Etat (APE), the signing consolidated an agreement in May and is subject to the closing of the transaction between the French state and STX Europe.
Under the terms of the agreement, the Italian-based Fincantieri will hold 50 per cent of STX (an additional 1 per cent will be borrowed from APE), French state (APE) 34.4 per cent (of which one per cent is to be lent to Fincantieri), Naval Group 10.0 per cent, STX France employees up to 2.4 per cent and local companies up to 3.2 per cent.
The move, which, "represents an important first step towards the creation of a future alliance in both cruise and military naval sectors", is thought to be to improve the ability of the company to compete against China and the United States.
