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France to 'lend' control of STX shipyard to Italy's Fincantieri - source
September 27, 2017 / 11:09 AM / 20 days ago

France to 'lend' control of STX shipyard to Italy's Fincantieri - source

LYON, France, Sept 27 (Reuters) - France and Italy agreed on Wednesday to end their row over an Italian bid for shipbuilding firm STX France, with a deal that gives the buyer, Fincantieri , effective control without it legally owning a majority, an Italian government source said.

The deal, struck in talks between French President Emmanuel Macron and Italian Prime Minister Paolo Gentiloni, gives Fincantieri 51 percent of STX, though 1 percent of this holding would be in the form of shares lent by Paris, the source said.

Paris has a right under the deal to demand back the 1 percent equity stake under certain circumstances, the source said. But it was unclear what would happen with the ownership of STX if it chose to do so. (Reporting Giselda Vagnoni; Writing by Mark Bendeich; Editing by Valentina Za)

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