Italian shipbuilder Fincantieri will take majority control of the French shipyard STX under an agreement thrashed out between Paris and Rome to end a diplomatic row, French government sources said Wednesday.
Fincantieri will buy 50 percent of the shipyard in the western French port of Saint Nazaire, the sources said, while the French state will "loan" another one percent stakeRead more
The French government on Thursday gave its approval to the sale of STX France, the last gem in the country's once-thriving shipbuilding industry, to its Italian rival Fincantieri.
The shipyard, on the Atlantic coast of Brittany at Saint-Nazaire, has a storied history, producing such luxury liners as the Queen Mary 2 and the Normandie.
It has been majority owned byRead more