The Symphony of the seas liner under construction at the Saint-Nazaire shipyards.

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L.Venance / AFP

  • The takeover of Chantiers de l'Atlantique by Fincantieri had been under discussion for three years.

  • The European Commission had doubts about the impact on competition.

  • The project is abandoned, the French State remains the main shareholder of the Chantiers.

The project to buy Chantiers de l'Atlantique by its Italian competitor Ficantieri, which began three years ago, had been in the dark in recent months.

It is, this time, definitively abandoned, announced this Wednesday evening Bruno Le Maire, Minister of Economy and Finance, in agreement with the Italian government.

“The tourism sector is currently facing an unprecedented level of economic uncertainty, due to the Covid-19 crisis, which does not allow the operation to continue,” Bercy explains.

The proposed sale provided for Fincantieri to hold 50% of the capital of the Saint-Nazaire shipyards, plus an additional 1% loaned by the French State.

The operation was supported by France and Italy but its conclusion was subject to the approval of the European Commission.

“The European Commission opened an in-depth investigation into the project on October 30, 2019, and expressed its doubts about the impact of the operation in terms of competition,” Bercy recalls.

In the context of the health and economic crisis, the European Commission has not closed the procedure.

“In order to allow the two companies to focus on their crisis exit strategy and on new projects, France and Italy have drawn conclusions from the absence of a decision from the European Commission and from the economic and health context.

The French State remains the main shareholder of Chantiers de l'Atlantique and will support the company as long as the crisis lasts.

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"It is the victory of a territory"

This rapprochement with Fincantieri was far from achieving unanimity in Saint-Nazaire.

Trade unionists, workers and local elected officials feared transfers of skills to Italy or to China, with which the transalpine company had formed partnerships.

In the medium term, it is the weakening of a French industrial company which currently has a very full order book that worried.

“It's a positive message of hope and the future.

This is a victory for Chantiers de


l'Atlantique.

It is the victory of a territory, of its elected representatives and of its economic players who have mobilized together to preserve one of our most beautiful industrial jewels ”, reacted this Wednesday evening Christelle Mor Anglais (LR), president of the Pays-de-la-Loire region.

Economy

Chantiers de l'Atlantique: the French government grants a one-month suspension of the buyout plan by Fincantieri

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Saint-Nazaire: A record order of at least two billion euros for the Chantiers

  • Bruno the Mayor

  • Shipyard

  • Saint Nazaire

  • Italy

  • Economy

  • Nantes