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France could nationalise Saint-Nazaire shipyards

Staff Writer |
The French state is considering nationalising the Saint-Nazaire shipyards before selling it to new investors if no deal can be reached with Italian shipbuilding group Fincantieri, Le Monde newspaper said.

Shipbuilders MSC and Royal Caribbean have already expressed an interest, the newspaper said.

State-owned Fincantieri has made a bid for STX France, which specialises in building cruise ships at France's Saint-Nazaire shipyard.

The sale forms part of a broader sell-off of businesses following the demise of the South Korea's STX shipbuilding group.

However, completion of the deal has been delayed as the French government has made clear it does not want Fincantieri alone to hold more than 50 percent of STX, even though it is willing to allow Fincantieri and another Italian company to hold a majority together.

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