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France will ensure Saint-Nazaire shipyard conditions met

Staff Writer | December 30, 2016
France may intervene in the sale of the Saint-Nazaire shipyard by bankrupt South Korean shipbuilder STX if the French government's conditions are not met, Industry Minister Christophe Sirugue said.
Bankrupt shipbuilder   The French government is fully mobilised
"The government is fully mobilised and will not hesitate to use all of the levers at its disposal," Sirugue told French daily Les Echos in an interview published on Friday.

The French state, which owns a third of STX France and its western Saint-Nazaire shipyard, has a right of refusal on the sale of STX Offshore & Shipbuilding's majority stake once a winning bid has been selected, which is expected next week.

Italy's Fincantieri is the sole bidder for the French assets, a source said on Dec. 27, and the Seoul bankruptcy court said only one offer had been received.

The court is expected to rule on the offer on January 3.