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France vows to keep stake, expects say in STX shipyard ownership
October 10, 2016 / 11:42 AM / a year ago

France vows to keep stake, expects say in STX shipyard ownership

PARIS, Oct 10 (Reuters) - 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 cruise liners.

“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)

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