Is the proposal that the French minister Bruno Le Maire proposes to resolve the tug-of-war with Italy on the agreement between Fincantieri and Stx a glimmer of light? It will be seen on Tuesday afternoon at the end of the meeting at the Ministry of the Economy where Pier Carlo Padoan and Carlo Calenda will sit around the table with Bruno Le Maire, the French Minister of the Economy. The latter will arrive via Saint Nazaire, where the headquarters and main shipyard of Stx are located, and where he will meet the companies of the French shipbuilding related industries which have been striving for a share in the capital of Stx for some time. Then the flight to Rome where a dialogue is expected, a step towards the construction of a possible agreement that will take time, especially if, as it seems, it can also extend to mutual defense interests. Minister Calenda will provide urgent information to the Chamber on Wednesday. In the meantime, the title Fincantieri moves slightly up in Piazza Affari.
THE FRENCH PROPOSAL: 50-50 WITH CASTING VOTE
Bruno Le Maire explained it in the interview granted to Corriere della Sera which, in fact, softens the tone and constitutes an opening of dialogue as Franco Bassanini had also foreseen in a article published on FIRST online. The game is therefore not over and new solutions are emerging: “We have proposed – says Le Maire – a 50-50 shareholder agreement between Italian and French partners: 50% for Fincantieri and 33% for the French state, 14,66% for the French company Naval Group, 2% for workers. In our proposal, the chairman of the board of directors, designated by Fincantieri, has a preponderant voice in the event of equality. Fincantieri is therefore clearly at the helm of the shipyards. The reaction of the Italian government is negative for the moment. We will continue to work and to explain our concerns. I have good hopes that we will reach an agreement in the next few weeks”.
Le Maire himself, therefore, hopes that today's meeting, Tuesday 1st August, will serve to open negotiations after both protagonists have 'flexed their muscles'. In fact, the minister reiterates the proposal for an equal shareholding for the Saint-Nazaire shipyards, but "clearly entrusting the leadership to Fincantieri", and for "a large Franco-Italian European industrial alliance in the naval field", with a civil aspect and a military one.
"The agreement negotiated by the previous majority did not offer sufficient guarantees either on employment or on technologies", explains the French minister. To the observation that before the agreement signed by Fincantieri with former president Hollande, the shareholding was majority South Korean, the minister replies that "the economic situation was totally different: the shipyards were in serious difficulty, while they are now profitable and have 11 years of ordinations ahead of them”. And with regard to the majority agreed by Fincantieri “giving 48% to Fincantieri and 6% to the Trieste Foundation means handing over the majority without assuming responsibility. We prefer to place a share on an equal footing”. France, emerges from the interview – fears the possible transfer of French technologies to China (Fincantieri's partner in shipbuilding for cruises) and for the protection of employment.
Le Maire stressed however that Fincantieri is the best partner for Stx France, but that if the negotiations are not successful they will have to look for other partners.
“The construction sites of Saint Nazaire must not be directed by the French state. We want a private shareholder, and Fincantieri is today the best industrial group to participate in this great European and Franco-Italian project,” she said.
THE POLITICAL MATCH IN EUROPE
The liberal Le Maire, with refined and elegant manners but a firm stance, nonetheless carries a soothing message: "We want to work hand in hand with Italy" and the message extends to the position of the two countries in Europe. “The integration of the eurozone will be the biggest political construction site over the next five years – he observes – and Italy will be directly associated with it”, thus removing the concerns of a Franco-German preference. "The whole government is ready to engage in good faith cooperation with Italy and Stx must not be a pebble in the shoe". "We need to remove the passions from the debate" finally suggests the minister. It will be seen very soon whether the outstretched hand will lead to concrete results or not.
ITALIAN GOVERNMENT, THREE-WAY SUMMIT AT PALAZZO CHIGI
The Italian position, a few hours after the afternoon meeting with Minister Bruno Le Maire, has not changed. "Fincantieri must have more than 50%, since the Koreans had two thirds" of the capital of STX France, Minister Pier Carlo Padoan told AFP (Agence France Presse). The management control proposed by Le Maire is essentially npon sufficient; what matters is the shareholding. In the morning, it was later learned, the ministers of development and the economy were at Palazzo Chigi for a final focus on the Italian strategy in view of the afternoon meeting with the representative of the French government.
"Italy and Fincantieri have given all the guarantees - concluded Padoan - as regards the maintenance of employment and the protection of technologies". 'I do not question the right of the French Government to have the concern to protect French interests. The same is true for the Italian government. Having said that, I think that together we can promote European interests,” Padoan also underlined. "I hope we can find a way to progress" concluded the minister. And Le Maire also agrees on this. It is no coincidence that both are looking to the Italian-French bilateral summit on 27 September. It is there that a possible compromise could be sanctioned.
Updated 15:30pm Tuesday 1st August
