France wants "multiple shareholder" solution to STX France, President Hollande says

Record ID: 163809

  • Title: France wants "multiple shareholder" solution to STX France, President Hollande says
  • Date: 10th January 2017
  • Summary: PARIS, FRANCE (JANUARY 10, 2017) (REUTERS FOR AGENCY POOL) FRENCH PRESIDENT, FRANCOIS HOLLANDE, AND ITALIAN PRIME MINISTER, PAOLO GENTILONI, ARRIVING FOR NEWS BRIEFING GENTILONI LISTENING TO HOLLANDE NEWS BRIEFING UNDERWAY (SOUNDBITE) (French) FRENCH PRESIDENT, FRANCOIS HOLLANDE, SAYING: "In France there is the issue of STX's future with the possible stake by Fincantieri.
  • Embargoed: 24th January 2017 14:08
  • Keywords: Hollande STX France Gentiloni Fincantieri
  • Location: PARIS, FRANCE
  • City: PARIS, FRANCE
  • Country: France
  • Topics: Economic Events
  • Reuters ID: LVA0015YI13YF
  • Aspect Ratio: 16:9
  • Story Text: France wants a "multiple shareholder" solution to STX France, the shipbuilding company being sold off, French President Francois Hollande said on Tuesday (January 10).
    "In France there is the issue of STX's future with the possible stake by Fincantieri. For us it's a very serious option, we are working towards it but with the aim that the state can remain not just a minority shareholder, but a shareholder with the power to block and we want a multiple shareholder solution," Hollande said, speaking at a news conference held with Italian Prime Minister Paolo Gentiloni.
    Italian shipbuilder Fincantieri has made a bid for STX France, but France -- which owns 33 percent of the company -- wants to ensure that the French state remains a key stakeholder in the firm.
    "I think we will find solutions like we do between countries that are so close and friendly," said Gentiloni on the matter.
    The head of French state-controlled military shipbuilder DCNS also said last week it was "very likely" that DCNS -- in which Thales has a minority stake -- would enter into the capital of STX France.
    The sale of STX France, which specializes in building cruise ships at the Saint-Nazaire shipyard and is profitable, forms part of a broader sell-off of businesses following the demise of the South Korean STX shipbuilding group.
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