{"id":55288,"date":"2017-08-02T15:30:27","date_gmt":"2017-08-02T15:30:27","guid":{"rendered":"https:\/\/one.sightlinemg.com\/defensenews\/uncategorized\/2017\/08\/02\/france-italy-set-deadline-for-stx-shipyard-acquisition-deal\/"},"modified":"2026-08-20T14:09:20","modified_gmt":"2026-08-20T14:09:20","slug":"france-italy-set-deadline-for-stx-shipyard-acquisition-deal","status":"publish","type":"post","link":"https:\/\/one.sightlinemg.com\/defensenews\/naval\/2017\/08\/02\/france-italy-set-deadline-for-stx-shipyard-acquisition-deal\/","title":{"rendered":"France, Italy set deadline for STX shipyard acquisition deal"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">PARIS \u2014 France and Italy have set a deadline of Sept. 27, 2017, to reach an agreement for an Italian acquisition of the French commercial shipyard STX, the two nations announced in a joint statement after a ministerial meeting in Rome.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">That agreement grants Fincantieri, an Italian state-controlled shipbuilder, exclusive rights to negotiate a takeover of STX France ahead of a bilateral summit meeting to be held at that date at Lyon, central France.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cThe capital structure of STX France will be dealt with the objective of defining a mutually acceptable solution by the Franco-Italian bilateral meeting of Sept. 27,\u201d the two nations said after an Aug. 1 meeting in Rome between French Minister of Economy and Finance Bruno Le Maire and his Italian counterpart Pier Carlo Padoan with Italian Economic Development Minister Carlo Calenda.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Fincantieri is the \u201cpreferred option\u201d for STX, with the prospective stake to reflect \u201cits leading industrial role,\u201d the two governments said.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">France sees ownership of STX as a strategic issue, as the shipyard is the only French one large enough to build the hull of an aircraft carrier, a naval program that is expected to be launched in the next 10 years.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">An agreement on STX would be part of a wider project for cooperation between the two countries in the maritime sector, dubbed \u201cnaval Airbus.\u201d<\/p>\n\n\n\t<aside class=\"smg-interstitial-link wp-block-smg-interstitial-link\">\n\t\t<a href=\"https:\/\/one.sightlinemg.com\/defensenews\/global\/europe\/2017\/07\/27\/france-nationalizing-shipyard-amid-italian-takeover-interest\/\" class=\"smg-interstitial-link__inner\">\n\t\t\t\t\t\t\t<div class=\"smg-interstitial-link__media\">\n\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"300\" height=\"200\" src=\"https:\/\/one.sightlinemg.com\/wp-content\/uploads\/2026\/08\/GettyImages-823495110.jpg.jpg?w=300\" class=\"smg-interstitial-link__image wp-post-image\" alt=\"\" \/>\t\t\t\t<\/div>\n\t\t\t\t\t\t<div class=\"smg-interstitial-link__content\">\n\t\t\t\t<span class=\"smg-interstitial-link__kicker\">Related<\/span>\n\t\t\t\t<h3 class=\"smg-interstitial-link__title\">France nationalizes shipyard, halts plan for a &#8216;naval Airbus&#8217; for now<\/h3>\n\t\t\t\t\t\t\t\t\t<p class=\"smg-interstitial-link__excerpt\">France has sparked a war of words with Italy by announcing plans to nationalize temporarily its STX France shipyard in a bid to halt an Italian take over, thwarting the launch of a long awaited consolidation of Europe\u2019s fracturing naval industry.<\/p>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/a>\n\t<\/aside>\n\t\n\n\n<p class=\"wp-block-paragraph\">\u201cBringing together the strengths of Fincantieri, STX France and Naval Group would create a global European leader aiming at being world\u2019s largest exporter in civil and military markets, with a significant activity in systems and services,\u201d the joint statement said.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Italy \u201cdeeply regretted\u201d the French decision to exercise its preemption right to nationalize STX, but the two states were intent on overcoming their differences, the statement said.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Padoan said after the ministerial meeting: \u201cThere are still differences which were not resolved,\u201d daily Le Monde reported. Le Maire said he was ready to go back to Rome in September ahead of the summit to resolve the differences.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The French decision last week to nationalize STX to block its acquisition severely rankled Italy, as Fincantieri had been the sole and successful bidder in a bankruptcy tender.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">France and Italy could cooperate in the near term on building fleet tankers, as the French Navy is looking for three new vessels and Italy is modernizing its fleet, said Bernard Pr\u00e9zelin, author of the naval reference book \u201cCombat Fleets,\u201d regional paper Ouest France reported. Later, the two countries could work on mine hunters.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Cooperation between the two countries would cut research and development costs, but the authorities would have to be \u201chighly rigorous\u201d as the navies lack the same requirements, he added.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">There would need to be \u201ca revolution in thinking\u201d to build in Europe a naval equivalent of what Airbus has delivered in the aeronautic industry, Pr\u00e9zelin said.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">France is concerned over Fincantieri\u2019s plan to hold more than 50 percent of STX, as there are fears of mass layoffs of French workers in market downturns and potential technology transfer to the Italian company\u2019s Chinese partner.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Italy, meanwhile, insists on owning more than 50 percent, as the previous Korean STX parent company held 66.6 percent of the French unit.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The Korean group had been a \u201csleeping partner,\u201d while Fincantieri is the strongest competitor to the STX shipyard at Saint-Nazaire, western France, said Bruno Retailleau, chairman of the regional council.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>France and Italy have set a deadline to reach an agreement for an Italian acquisition of the French commercial shipyard STX.<\/p>\n","protected":false},"author":7,"featured_media":83247,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_yoast_wpseo_meta-robots-noindex":"","_yoast_wpseo_meta-robots-nofollow":"","_yoast_wpseo_canonical":"","_acf":"","_yoast_wpseo_primary_category":16,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","_smg_distribution_targets":[]},"categories":[160,46,11,16,36],"tags":[8613,8616],"coauthors":[464],"class_list":["post-55288","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-daily-news-roundup","category-europe","category-global","category-naval","category-newsletters","tag-france","tag-italy"],"acf":{"subheadline":"","legacy_arc_id":"EMNM2ZSM3BFW7OFDHYMUQWLRDU","arc_canonical_url":"\/naval\/2017\/08\/02\/france-italy-set-deadline-for-stx-shipyard-acquisition-deal\/","remove_feature_photo":false,"is_sponsored":false,"subtype":"","redirect_url":"","disable_inline_ads":false,"native_logo_pretext":"Presented By:"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.0 (Yoast SEO v28.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>France, Italy set deadline for STX shipyard acquisition deal - Defense News<\/title>\n<meta name=\"description\" content=\"France and Italy have set a deadline to reach an agreement for an Italian acquisition of the French commercial shipyard STX.\" \/>\n<meta name=\"robots\" content=\"noindex, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"France, Italy set deadline for STX shipyard acquisition deal\" \/>\n<meta property=\"og:description\" content=\"France and Italy have set a deadline to reach an agreement for an Italian acquisition of the French commercial shipyard STX.\" \/>\n<meta property=\"og:url\" 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