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France could block sale of STX-owned shipyard

The French government could intervene in collapsed Korean STX's sale of shipyard STX France. The government owns one third of the yard, and Italy's Fincantieri is so far the only bidder on the yard, reports Reuters.

STX Finland | Photo: PRESSEFOTO STX

Bankrupt South Korean yard group STX Offshore & Shipbuilding is in the midst of a large-scale divestment of assets in efforts to raise capital in the estate.

Next up for sale is STX France, but a sale could be blocked by the French government which owns one third of the shares in STX France and the facilities in Saint-Nazaire in the western part of the country, says France's minister for industry Christophe Sirigue according to Reuters.

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