There will be no "Airbus of the sea": the French and Italian governments announced on Wednesday that they had jointly abandoned the plan to buy Chantiers de l'Atlantique by Fincantieri, citing the health crisis that has impacted global tourism.
After years of deadlock, the French and Italian economy ministers Bruno Le Maire and Stefano Patuanelli, and the executive vice-president of the European Commission, Margrethe Vestager, in an appeal on Wednesday noted the failure of the recovery of the Saint-Nazaire company, specializing in liners and large military ships.
"France and Italy take note of the fact that the current economic context does not allow for the continuation of the planned merger between Chantiers de l'Atlantique and Fincantieri", then indicated the governments in a joint press release.
"Let's wait for the dust to settle"
The two countries assured that they would remain "fully committed to deepen their cooperation in the maritime and shipbuilding sector", in particular through their joint naval program Naviris.
The agreement to sell Chantiers de l'Atlantique, signed by the French State, Fincantieri and Naval Group on February 2, 2018, was due to end on January 31, 2021, after having been extended five times.
On Wednesday, the parties decided "not to extend this agreement again", they stressed.
"Indeed, the tourism sector is currently facing an unprecedented level of economic uncertainty, due to the Covid-19 crisis which does not allow the operation to continue."
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The French Minister of the Economy, Bruno Le Maire, announced this abandonment Wednesday evening to the elected officials of Loire-Atlantique, and a cell will work on the next buyout options.
"Let us wait for the dust to settle and see what expressions of interest are confirmed," said the Ministry of the Economy.
"The sites have all the means to develop, are supported by the State shareholder, and have a good order book".
Since the bankruptcy of their South Korean parent company, the Chantiers have been owned by the French State (84.3% of the capital), Naval Group (11.7%), employees (2.4%) and local companies (1.6%).
Since 2017, the disposal project provided for Fincantieri to hold 51% of the capital.
The dossier was strategic, the construction sector of large cruise ships still constituting a European preserve in the face of competition from Asia.
Local elected officials satisfied, unions suspicious
The local elected officials, who deplored the continuation of the project, were delighted at its abandonment.
"It is the victory of a territory, of its elected representatives and of its economic players who have mobilized together to preserve one of our most beautiful industrial jewels", greeted Wednesday Christelle Morancais (LR, right), president of the Pays de la Loire region.
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"In the difficult context in which we are, the Government has finally made the choice to send a message of confidence to French industry, and I am delighted", continued the elected.
"This is excellent news, we have seen it coming in recent days," the mayor of Saint-Nazaire, David Samzun, told AFP.
"You should not rush but do not drag too much either" to find another partner, he stressed.
"We need to take new orders."
"We take note" of the announcement, reacted for his part Arnaud Fontaine, CGT staff representative at Chantiers de l'Atlantique.
“It is not a guarantee for the fate of workers to remain French and to remain with public capital.
It will take struggles, ”he warned.
