Stx - Fincantieri, the preparations for meeting Monday are shaking

On Monday in Rome the meeting between the ministers of the Economy of Italy and France, Pier Carlo Padoan and Bruno Le Maire, to try to restore relations after the mockery given to the Italian government with the decision to temporarily nationalize the shipyards of Saint- Nazaire so as not to end the control of the company Stx in the hands of Fincantieri. The aim is to find a compromise before the summit at the end of the month, scheduled for 27 September, between President Emmanuel Macron and Prime Minister Paolo Gentiloni. On that date, a political summit is scheduled in Lyon and from now on, the emissaries of the two sides will seek the path of an agreement that at the moment seems impractical. After the wall against the wall, from Le Maire to the Ambrosetti Forum came an opening to dialogue, announcing that Paris is preparing to present an improved offer compared to that rejected by the Italian government which excluded Fincantieri (a company that has the State as a shareholder of reference) from the control of the Stx group. Without revealing the papers on the possible advantages for Italy of the new proposal, the French minister limited himself to explaining that the solution could also include military collaboration. For his part, the owner of the Italian economy has already reiterated that Italy will not accept a stake in the Breton shipyards of less than 51% for Fincantieri, after having been with a share of 66% under the control of South Koreans. It will be seen, therefore, if the new solution will be sufficient for Rome, which expressed total opposition to the equal control of Stx. Even the CEO of Fincantieri Giuseppe Bono refused to share control of Stx with other shareholders.

After the change of tenant at the Elysée, Paris changed its mind about controlling the Stx shipyards in Saint Nazaire, the largest in France, one of the main suppliers of the navy. The nationalization decided by the Macron government has displaced Italy by blocking the passage to Fincantieri - which already had an agreement to acquire 54,6% of Stx - and has opened a wound in relations between the two countries. Le Maire therefore plans to unravel the problem as early as the next meeting in order to seal the bilateral agreement on 27 September. The goal of the transalpine minister is also to ease the pressure on other French companies that overheated the summer. Diplomacy to work on several fronts. In fact, on Monday's meeting table there will also be other open dossiers between the two countries including the Tim case of which the French Vivendi is the main shareholder, and on which the government is evaluating a possible exercise of the 'golden power'.

Stx - Fincantieri, the preparations for meeting Monday are shaking

| Industry, MONDO, PRP Channel |