The Italian ship builder Fincantieri has wanted to buy the French company STX, builder of ships on the Atlantic coast. So concerned was the last French government that they nationalised STX to prevent the owners selling out. This does not accord with Macron's more liberal economics, nor his vision of European cooperation.
So an agreement has been reached which will essentially allow Fincantieri a 50% stake in STX, and the French government will "lend" 1% of its stake, giving the Italian company control. The stated aim of the new company is to be capable of building warships in a more efficient and economic way. Workers at the shipyards of St Nazaire are understandably worried that the group will privilege Italian yards and cost jobs in France.
This comes at the same time as another of France's "crown jewels", Alstom who build trains amongst other things, is being merged with Siemens its German rival. Is this European industry gearing up to meet "America First" competition?
comments to taglines82@gmail.com
