France and Italy agree on sale of STX yard

The contentious sale of yard STX France to Italian shipbuilder Fincantieri has now been settled. With the deal, the Italians and the French state will work together to strengthen their naval cooperation.

Photo: /ritzau/AP/Stephane Mahe

Italian shipbuilder Fincantieri will take control of yard STX France in a deal that marks the end of a protracted and controversial sales process.

With the deal, which gives Fincantieri a 50 percent stake in the French partly state-owned yard, the two countries will explore opportunities to strengthen naval collaboration through a potential merger of French naval yard company Naval Group and Fincantieri.

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