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French, Italy finmins to meet Sept 11 on STX shipyard row
September 2, 2017 / 10:27 AM / 23 days ago

French, Italy finmins to meet Sept 11 on STX shipyard row

CERNOBBIO, Italy, Sept 2 (Reuters) - French Finance Minister Bruno Le Maire said on Saturday he would meet his Italian counterpart on Sept. 11 to try to trash out an agreement for Italian shipbuilder Fincantieri’s blocked takeover bid for STX France shipyards.

Rome and Paris hope to find a compromise in time for a Sept. 27 Franco-Italian summit.

“We are in the process of finding a compromise with the Italian government. I will be in Rome on the 11th of September to find a new compromise with Italian minister Pier Carlo Padoan and the government,” Le Maire told reporters.

“The cooperation between France and Fincantieri remains the best option for Saint Nazaire so we have to fix some problems... But I‘m convinced that if everyone is able to make an effort we will find a compromise before the end of September.”

France angered Italy in July after it ordered a “temporary” nationalisation of STX, cancelling a deal in which Italy’s state-owned Fincantieri and another Italian investor had agreed to buy a 54.6 percent stake.

France took the decision after Fincantieri, which had bought the majority stake from its former Korean owners, refused joint-control with other French stakeholders. (Reporting by Silvia Aloisi, editing by Valentina Za)

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