Harmony of the Seas Departing Port Everglades. Captured by Greg Dragonetti 11/5/2016
Harmony of the Seas built at STX France

[UPDATED] France Nationalizes STX France

UPDATE: [SUNDAY AUGUST 08] France and Italy would like to have a new deal in place by September 27. Both finance ministers have already met to start the conversations.

They are quoted as wanting to create an “Airbus of the naval world.”

There is also the possibility that if no deal is struck by the end of September, STX France could go back up for sale.

French President Emmanuel Macron has decided to nationalize STX France in an attempt to get a better deal from Fincantieri. Back in May, Italy’s Fincantieri had decided to purchase two thirds of the yard from Korea’s STX group.

France’s finance minister has also cautioned that this is temporary in order to smooth things out with Italy. The reason he gave was to protect the 155-year old yard’s shipbuilding knowledge from falling into the wrong hands.

This is estimated to cost the french government €80 million euros.

Keep in mind, during the campaign, Macron positioned himself to be business-friendly. This move shows otherwise.