France to ‘control’ STX

France is set to nationalise shipyard STX France today at least for a transitional period, according to local media reports.

Le Monde reported that Prime Minister Edouard Philippe will officially announce the decision later today.

The shipyard was set to come under the umbrella of Italy’s Fincantieri on Saturday, when a purchasing agreement would have come into effect.

However, it is understood the government will now start negotiations to find a new buyer for the shipyard.

The Trieste-based company was set to pay €79.5m for the acquisition of 66.66% of STX France’s shares.

It would have passed on 12% of that to French company Naval Group and 7% to Italian foundation CR Trieste. The government would have held on to a 33.34% blocking minority.

The Italian outfit rejected an offer by President Emmanuel Macron’s new government to take up only a 50% share.

French unions were opposed to the sale fearing the new owner would cut jobs.

STX France is providing the substations for Otary’s 309MW Rentel offshore wind farm off Belgium and Eon’s 385MW Arkona offshore wind farm in the German Baltic Sea.

Image: rendition of Rentel substation (STX France)