Italian shipmaker Fincantieri buys 50% of French yard STX

Italian shipbuilding company Fincantieri announced Friday it had reached an agreement with France to buy 50 percent of the French shipyard STX.

The move comes after a rift last year between Paris and Rome following the nationalisation of STX, despite a sales deal between the previous French government and the Italian manufacturer.

A statement from the Italian company said: "Fincantieri Spa announces today that it has signed an agreement with the French State, represented by the State Investment Agency, to acquire 50 percent of STX France."

Fincantieri said it will pay 59.7 million euros ($74.4 million) to conclude the deal for the shipyard in the western port of Saint-Nazaire, which builds huge cruise liners and warships.

Under the terms of the agreement, the French state will keep a blocking minority in the company.

French finance minister Bruno Le Maire said on Thursday: "Several difficulties needed to be overcome to reach this agreement between STX and Fincantieri... and I am happy to announce to you today in Rome that the definitive agreement will be signed in the next days."

STX, whose origins date to 1861, has several cruise ships on order between now and 2026 for its two main clients, MSC Cruises and Royal Caribbean.

Fincantieri, based in Trieste and with about 19,000 employees worldwide, was the only company to eventually bid for STX.

France's industry minister has said that the Italian company pledges to maintain jobs and activity at Saint-Nazaire.