PARIS Oct 10 The French government said on
Monday it was not planning to take a majority stake in the
French subsidiary of struggling South Korean shipyard group STX
Corp but that it would hold on to its minority blocking stake
and expected a say in any ownership change.
The government's position on STX France was spelled out in a
statement by the finance ministry following publication of media
article in which the Liberation newspaper said the government
might take a majority stake.
One of the key issues of important from France's point of
view is a large shipyard in Sain-Nazaire, western France, which
is a big local employer with a healthy orderbook for building of
"The government's objective is not to become majority holder
in STX France but rather to influence the decision on who takes
over the Saint-Nazaire yard so that it can count on a solid
industrial shareholder structure to accompany is long-term
development," the finance ministry statement said.
(Reporting By Brian Love)