September 28, 2017 / 7:46 PM / 23 days ago

Fincantieri, Naval Group may exchange stakes in future military alliance

MILAN (Reuters) - Italy’s Fincantieri and France’s Naval Group may exchange between 5 and 10 percent of their share capital to cement a future naval alliance between Rome and Paris, a document published on the website of Italy’s Treasury showed.

France and Italy said on Wednesday they would study a possible tie-up between the two shipbuilders. They also agreed that Fincantieri would take effective control of French shipyard STX, ending a months-long dispute.

“The opportunity and modalities of an exchange between the two companies of 5 percent to 10 percent of their respective share capital will be analyzed, and concrete actions aiming at developing synergies will be defined and presented to both governments,” the document detailing the agreement said.

“This roadmap should include the creation of a balanced joint-venture in which common projects would progressively be developed, with a priority given to surface vessels’ platforms, systems and equipment,” it said.

Reporting by Francesca Landini

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