Fincantieri will acquire 50 percent of STX, and France will lend 1 percentage point of its holding for 12 years, which allows the Italian shipyard to hold the voting rights and receive share dividends and for Italy to announce hitting its target of owning a majority stake in the French shipyard.
Even as a row over the acquisition of a French commercial shipyard continues, the country sees cooperation with Italy's naval industry as a way to become a global leader in building warships.
France will pitch to Italy a cooperation in building warships in a bid to resolve a dispute over an Italian acquisition of STX, a commercial shipyard, a French minister said.
France has sparked a war of words with Italy by announcing plans to nationalize temporarily its STX France shipyard in a bid to halt an Italian take over, thwarting the launch of a long awaited consolidation of Europe’s fracturing naval industry.