Under an agreement signed between the French and Italian governments, the Italian group Fincantieri must buy the Chantiers de l'Atlantique in Saint-Nazaire before December 31.
But the Covid-19 crisis and the reluctance of Brussels have disrupted the transaction.
Consequence: the shipbuilder could well remain French, as underlined Nicolas Barré, director of the writing of "Echoes".
It may be the end of a long soap opera: Chantiers de l'Atlantique, the flagship of shipbuilding, has a good chance of remaining French.
“We have been building ships in Saint-Nazaire, in Loire-Atlantique, since the 19th century, it's part of the identity of the city. But the State has never lost interest in this shipyard, one of the largest in the world, which builds cruise ships but also works for national defense. For ten years, this flagship passed under the Korean flag: the Shipyards were then called STX France, until the owner Korean goes bankrupt and that the French State nationalizes the company on a temporary basis, the time to find another specialist in shipbuilding to form an alliance with the Chantiers de l'Atlantique.
It is in this case an Italian group ...
Yes, the public group Fincantieri which, under an agreement signed between the two French and Italian governments, was to take 50% of the capital of Chantiers de l'Atlantique, plus 1% subject to certain conditions.
But the French flagship therefore had to come under Italian control.
I say "should" because since this agreement between the two countries, which already dates back three years, the case has still not been finalized.
First, because Brussels got involved, by wondering whether the merger of these two large shipyards might not hinder competition.
Then because the Covid-19 crisis has plagued the cruise market, which means that the Italian group is no longer in a hurry to conclude.
There is also a risk of technological plunder ...
This is the threat posed by local elected officials, not without arguments: they point to the fact that the Italians have allied themselves with the Chinese shipyard CSSC which wants to compete with the Chantiers de l'Atlantique on large liners.
This market is nevertheless at the heart of the competence of the French.
A recent Senate report is in the same vein and worries about the risks of technology transfers to the Chinese.
In theory, the Italians have until December 31 to finalize the buyout.
We are a few hours away from the outcome, unless the French state grants a little additional time, a month at most.
But you got it: in Saint-Nazaire, we pray that the Italians throw in the towel.
And that the Chantiers remain under French control.
Even then a plan B will have to be found and it is not the simplest: the State does not want to remain the sole master on board but no French industrialist has rushed to buy the historic manufacturer of France and Normandy."