June 8, 2017 / 9:25 AM / 3 years ago

Italy minister says original deal over Fincantieri still valid

FILE PHOTO: Italian Industry Minister Carlo Calenda talks during an interview with Reuters in his office in Rome, Italy November 25, 2016. REUTERS/Tony Gentile

ROME (Reuters) - Italy considers the original agreement Fincantieri (FCT.MI) struck with France for the purchase of shipyard STX France still valid, Industry Minister Carlo Calenda said on Thursday.

French President Emanuel Macron said last week he wanted to review the terms of the preliminary agreement, struck by his predecessor, for the Italian group to acquire a two-thirds stake in STX France.

“(For Italy) the agreement struck with the previous French executive remains valid,” Calenda said on the sidelines of an event in Rome. He met his French counterpart earlier this week.

Fincantieri bought 66.66 percent of STX France in May after agreeing with France a month earlier that it would then sell a 7 percent stake to Italy’s Fondazione CRT and 12 percent to French military shipbuilder DCNS, thus reducing its own holding to 48 percent. The remaining 33 percent is owned by the French state.

“We can talk about which is the most appropriate financial institution (to take the 7 percent stake), but not about its nationality. The agreement signed specifically refers to an Italian financial institution,” Calenda added.

Reporting by Alberto Sisto; writing by Agnieszka Flak; editing by Isla Binnie

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