Monday, October 10, 2016

STX Saint-Nazaire: new construction site risks to the State as a shareholder – The Express

The weeks and look the same for the government. After you have found a solution for the factory, Alstom, Belfort, here is that the executive focuses on the issue of shipyards of Saint-Nazaire, the other flagship industrial habs in the middle of a storm.

READ >> the Sale of STX: State in talks with two potential buyers

If the company just recorded record revenue in 2015, with nearly a billion euros back in the crates and 14 liners to provide, within 10 years, its shareholder, Korean STX going through a difficult period and needs to sell assets, starting with French shipyards.

Why the State has a say in STX France?

after Release, the State, which owns 33.3% of STX France, explore several financing arrangements to try to save the day. And the tracks are quite varied. They are going to take control of a majority of the tickets franco-european mixing of private and public companies.

on Monday, Bercy precise in a press release that “the government’s goal is not to become a majority shareholder, but weigh in the choice of the buyer for the shipyards of Saint-Nazaire can have a shareholding industrial solid able to accompany their development in the long term.” The office of the secretary of State for industry Christophe Sirugue insane so any takeover, but intends to use at the time of its blocking minority, as its ability to use the famous decree Montebourg who submits prior permission for any foreign investment in strategic sectors.

Saint-Nazaire is the only French port able to accommodate the construction of the hulls of military elements also important that the helicopter-carrying Mistral recently sold to Egypt, or of a hypothetical aircraft carrier capable of supporting the Charles-de-Gaulle airport in its future missions. “Saint-Nazaire is the only industrial site of scale in France, confirmed to The Express a military source close to the folder. For us it is important that the State remains a shareholder of the building.”

Why STX is quickly sale Saint-Nazaire?

The file has experienced an unexpected development at the beginning of October. Threatened with liquidation in Korea, the group of STX Offshore &Shipbulding has had to change strategy under pressure from a court in Seoul. Originally, as explained in The Express at the beginning of September, STX wanted to sell by the end of the year, some assets, such as the shipyards of Saint-Nazaire (and its 2600 employees) to free up the cash for its turnaround plan presented to the Korean courts. But the Korean authorities have retoqué this scenario, focusing on a bundling of all of the subsidiary construction. Finished the sellout, it is now necessary to find a new and strong shareholder, capable of redeeming a set valued around 7 billion euros.

This decision, which has yet to be finally validated at the end of the week, has profoundly changed the game for potential buyers. STX was commissioned in September, an audit firm (PWC) to manage the sale. Officially, the two european candidates were declared, the Dutch Damen and the Italian Fincantieri. But the chinese players (as Genting Honk Kong or another investment fund, the sino-british), were interested also in the shipyards of Saint-Nazaire in order to strengthen their presence in Europe. A track which has not the preference of trade unions, the latter fearing to terms a flight of orders and a massive transfer of technology to Asia.

according To our military source, among the protagonists quoted, the actor with which the French companies have the most contact would be the Italian Fincantieri which has “contributed to the construction of frigates multi-function”. In the event that the military would take in terms of scale, in particular in a european context where France is arguing for a rise, the trail of Fincantieri, was by the Italian State, would offer many guarantees to the French State.


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