France-Italy, the Fincantieri-Stx merger agreement fades

• The EU Antitrust initiates an investigation into Fincantieri-Stx now Chantiers de l'Atlantique

• Fincantieri wins the tender for the new US frigates

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January 28, 2021 Rome and Paris agree that the current context does not allow the

.

"The agreement for the purchase of shares on Stx (now called Chantiers de l'Atlantique)," signed by the French state, by Fincantieri and Naval Group on February 2, 2018, will end on

, after 5 extensions.

The parties agreed not to extend the agreement again, considering that the unprecedented uncertainties on the tourist market do not allow to proceed with the planned transaction between Chantiers de l'Atlantique and Fincantieri ", reads the joint statement from the Italian Ministry of Development and French Ministry of Economy

The acknowledgment comes after the phone call between Bruno

, French Minister of Economy, Stefano

, Minister of Economic Development and Margrethe

, Executive Vice-President of the European Commission.

Moreover, "in the context of the Covid 19 epidemic and its related consequences on the recovery of the shipbuilding market, the European Commission - the note recalls - has not reached a final position on the transaction. France and Italy are now obliged to draw the necessary conclusions to allow both companies to focus on their exit strategy and new projects. The French state remains the main shareholder of Chantiers de l'Atlantique and supports the company through this crisis. "

In any case, "France and Italy remain fully committed to deepening their cooperation in the naval and shipbuilding field, in line with the conclusions of the 34th Franco-Italian summit in 2017".

More generally, Italy and France will continue to support economic and industrial cooperation between the companies of the two countries.