Chantiers de l'Atlantique: the Italian group Fincantieri gives up because of the health crisis

The sale of Chantiers de l'Atlantique fell through.

The French flagship of shipbuilding will remain in the bosom of the State.

In any case for the moment because Bercy has always said "The State is not intended to remain the owner of Chantiers de l'Atlantique ad vitam aeternam".

But the sale to the Italian public group Fincantieri will not take place.

And in a way, it suits everyone.

It had been months since the Italian group, which was supposed to take over half of the Chantiers capital and therefore take control, dragged its feet.

The Covid crisis, which brought down the cruise market, had seriously cooled the appetite of Italians.

In a joint press release, the French and Italian Ministers of the Economy also invoke the economic context to justify the abandonment of this merger.

Brussels was also reluctant.

The Commission was concerned about the risks in terms of competition because the two groups would have formed a giant in the shipbuilding industry.

This "airbus of the sea", as some had called it, could have acquired a dominant position and suddenly, Brussels demanded concessions to which Fincantieri had refused to comply.

But the strongest reluctance was also found on the French side: local elected officials, right and left alike, had pointed out the risks of technological plunder for the benefit of the Chinese ally of Fincantieri, the CSSC shipyard which does not hide its ambitions on the market for large liners, the specialty of Chantiers de l'Atlantique.

A Senate report had also alerted on the subject.

In short, Saint-Nazaire was against this takeover and hoped for only one thing: that it fell into the water.

It's done.

Now, the case is back to square one.

And yes !

The State, with 84% of the capital, finds itself with this file on its hands as in 2016, after the bankruptcy of the previous owner of Chantiers, which was a Korean group.

That said, this historic flagship of French shipbuilding, whose roots go back to the 19th century, is still doing well.

Its order book is full with ten liners to be delivered within five years, not to mention the construction, on the military side, of the hull of the future nuclear aircraft carrier which is to succeed Charles de Gaulle.

There is therefore no urgent need for the State to find a buyer.

Except that faced with Asian competitors who are gaining in strength, the Chantiers de l'Atlantique must be strengthened.

However, candidates who know the trade in Europe are not legion.