The health crisis got the better of the sale agreement which was to allow the Italian group Fincantieri to get its hands on Chantiers de l’Atlantique. The French Ministry of the Economy finally canceled the sale.
New and final twist in the long-term dossier of the acquisition by Fincantieri of Chantiers de l’Atlantique. Following a meeting between Bruno Le Maire, Stefano Patuanelli the Italian Minister for Economic Development, and Margrethe Vestager, the Vice-President of the European Commission, it was finally decided to cancel the sale of Chantiers de l’Atlantique. ” France and Italy take note of the fact that the current economic context does not allow the continuation of the planned merger between Chantiers de l’Atlantique and Fincantieri “, Explains Bercy in a press release. ” The tourism sector is currently facing an unprecedented level of economic uncertainty, due to the Covid-19 crisis, which does not allow the operation to continue. », Continues the ministry.
Chantiers de l’Atlantique: the sale is canceled
In February 2018, Fincantieri signed the sales agreement which was to give it full possession of Chantiers de l’Atlantique. But discussions with the European Commission, essential to receive the green light from the competition authorities, have stalled. The French government gave five extensions for these negotiations to succeed, but the project could never be finalized. Noting the blockage, the public authorities therefore decided to stop the costs, following the wishes of local elected officials who demanded an outright cancellation of the sale. They have been heard.
No rush to decide this sale
If the file had gone to the end, Fincantieri would have owned 50% of the capital of Chantiers de l’Atlantique, plus 1% “loaned” by the State which intended to verify the commitments made by the owner. ” The Chantiers have all the means to develop, are supported by the State shareholder and have a good order book “, According to the Ministry of the Economy. The future of the Chantiers is now in the hands of a unit which will decide on the procedure to follow. The public authorities intend to take their time: ” there is no rush to decide. We must draw the consequences and therefore give ourselves time to reflect “.