Industrial Cooperation: Italy-France Meeting on the Naval Sector
Industrial Cooperation: Italy-France Meeting on the Naval Sector
(Source: Italian Ministry of Defence; issued Feb 01, 2018)
ROME --- Italy and France have met today in Rome, at Palazzo Esercito, to discuss their naval sector industrial cooperation project

"We have taken stock of the advancement of the project, in which we strongly believe and that we deem to be a win-win".

This was Minister Roberta Pinotti's statement at the end of the meeting that has taken place today at Palazzo Esercito. Talks were attended by the Italian Minister of Economy and Finance, Pier Carlo Padoan and Minister of Economic Development Carlo Calenda, and by the French Minister of Defence, Florence Parly and Minister of Economy and Finance Bruno Le Maire.

The meeting was also attended by Defence Secretary General/NDA, Gen. Carlo Magrassi, French Delegate General for Armaments, Joël Barre, Fincantieri CEO Giuseppe Bono and Naval Group CEO Hervè Guillou.

The project aims at establishing a global shipbuilding heavyweight.

Minister Pinotti explained that the project was designed starting from a European Defence perspective, to establish "an industrial player able to compete at the global level", underscoring that France and Italy are getting closer.

Prior to the meeting, Minister Pinotti and her French counterpart Florence Parly held bilateral talks, focusing on the theme of European Defence. Minister Pinotti recalled the historical result recently achieved by the EU with the launch of "PESCO (Permanent Structured Cooperation), and highlighted the importance to avoid duplications and wasting capabilities and resources at both the EU and NATO level.

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Visit to Italy
(Source: French Armed Forces Ministry; issued Feb. 01, 2018)
(Issued in French; unofficial translation by Defense-Aerospace.com)
PARIS --- On Thursday, February 1, the [French] Armed Forces Minister [Florence Parly] accompanied the Minister of Economy and Finance, Bruno Le Maire, to attend a French-Italian ministerial meeting on naval cooperation.

At the Franco-Italian Summit, held on 27 September 2017, the two countries agreed on the general perspective of a structuring partnership in the field of military shipbuilding, to allow the creation of a world leader, especially for complex vessels with high added value.

The agreement reached on this occasion between the French and Italian governments concerning the entry of Naval Group and Fincantieri into the equity capital of STX France represented an important step, not only to develop the activity of the Saint Nazaire shipyard, and its industrial fabric, but also to go further, ultimately, in terms of naval cooperation.

Both groups have already cooperated successfully on the Horizon and FREMM frigate programs.

The ministers’ visit marks a further step in the process to bring the French and Italian naval shipbuilding industries closer together in the field of surface vessels. It is a real alliance which is in sight, and which aims to constitute a world leader.

This alliance project, whose roadmap is to be established by the end of June 2018, will support the international development of Naval Group and Fincantieri in a context of increased competition in the global military naval market. It will also help to equip the French and Italian navies with modern warships, which can be relied on to meet the operational and technical challenges that lie ahead.

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STX / Fincantieri: Bruno Le Maire Salutes A Major Step Towards A European Naval Giant
(Source: French Ministry of Economy and Finance; issued Feb 02, 2018)
(Issued in French; unofficial translation by Defense-Aerospace.com)
PARIS --- France’s State Investment Agency (Agence des participations de l’Etat, APE) today signed the share purchase agreement of STX France with STX Europe, the company’s current majority Korean shareholder.

This agreement follows the exercise by Bruno Le Maire, Minister of Economy and Finance, on July 28, 2017 of the French State’s right of pre-emption on the 66,66% of shares currently held by STX Europe with the capital of the Chantiers de Saint Nazaire.

In accordance with the agreement unveiled by the French President and the Italian President of the Council of Ministers on September 27, 2017, on the future ownership and governance of the Chantiers de Saint Nazaire, the State signed today a contract for the sale of shares STX France with Fincantieri SpA and Naval Group, so as to achieve the agreed capital structure:

-- 50% (+ 1% loaned by the APE) for Fincantieri
-- 34.34% (of which 1% is loaned to Fincantieri) for the EPA
-- 10% to 15.66% for Naval Group (depending on the level of employees and local companies)
-- up to 2.4% for employees
-- up to 3.26% for a group of local businesses

The final acquisition of securities by the State and their resale to future new shareholders (closing) remain subject to the authorizations of the competent authorities.

Bruno Le Maire said: "This agreement is a major step in the formation of a European naval giant. This is good news for France and for Europe."

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