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Italians to take STX stake

French unions oppose move by Fincantieri to buy 66.66% interest

Italians to take STX stake image

Italian company Fincantieri has signed a purchasing agreement for the acquisition of 66.66% of the shares of the shipyard STX France.

Fincantieri will pay €79.5m for the transaction, with BNP Paribas providing financial advice.

It will sell on 12% of STX France’s capital to French shipyard DCNS with Italian foundation CR Trieste snapping up a 7% share.

The French government owns the 33.34% minority share in the shipyard.

The deal includes a guarantee that STX France’s activities in the renewables sector will be continued.

French unions are opposed to the sale because they fear the new owner will cut jobs. They are calling on the government to buy up the company.

STX France is providing substations for Otary’s 309MW Rentel offshore wind farm off the Belgium coast and Eon’s 385MW Arkona Becken Südost project in the German Baltic Sea.

Image: rendition of Rentel substation (STX France)

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