Another institutional pirouette takes place in Paris. French President Emmanuel Macron has decided to nationalize Stx, the company that controls the Saint Nazaire shipyards and of which Fincantieri acquired 66,6% last April with the blessing of the then president Françoise Hollande.
This was confirmed by Economy Minister Bruno Le Maire after the rumors published this morning by le Monde: after Italy's No to the French proposal for an equal division, Paris, which already controls 33% of Stx, has chosen to exercise the pre-emption right expiring on Saturday on the rest of the capital.
Je vous annonce que nous avons pris la décision d'exercer le droit de préemption de l'État sur STX.
- Bruno Le Maire (@BrunoLeMaire) July 27 2017
The will of Paris, explained the minister during a press conference, is to ensure that "the extraordinary skills of the shipyards of Saint Nazaire and their workers remain in France". It will be a "temporary" nationalisation, which in the French plan does not suspend negotiations with Italy. Indeed, Le Maire said that next week he will visit ministers Padoan and Calenda.
Je me rendrai à Rome la semaine prochaine pour disputar avec M. Padoan et M. Calenda. #STX
- Bruno Le Maire (@BrunoLeMaire) July 27 2017
This is the joint response of ministers Padoan (Economy) and Calenda (Development): “We consider the French government's decision not to follow up on agreements already concluded serious and incomprehensible. Agreements that guaranteed the protection of employment levels in France and of French know-how through balanced governance and in an authentically European perspective. We believe that given the commitments already undertaken by Fincantieri to protect French interests, there is no reason why the Italian company, leader in the sector, cannot hold the majority of STX, a company up to now controlled by a Korean group for two thirds of the share capital. We will receive Minister Le Maire next Tuesday in Rome and we will listen to the French Government's proposal starting from this firm point. Nationalism and protectionism are not acceptable bases on which to regulate relations between two large European countries. Mutual trust and respect are needed to carry out shared projects.” With this backtrack, the Elysée unexpectedly denied the government spokesman, Christophe Castaner, who a few hours earlier had tried to reduce tension with Rome by assuring that “the goal of France” was not “nationalizing Stx” and that “Italians are important partners”.
Yet on Wednesday Le Maire was clear: if Italy had rejected the proposal to divide the capital of Stx on a par with the French state, France would have chosen the path of nationalisation. And in the end it will be like this.
But how do you explain Macron's nationalist coup, until yesterday considered a champion of Europeanism and liberalism? Electoral reasons carry great weight. Saint Nazaire is a highly unionized site and the workers' representatives are against the transfer of ownership into the hands of Fincantieri. They fear that a possible transfer of some industrial activities to Italy could damage local employment. The Italian group has provided reassurances on this point, but evidently the French don't trust him.
For his part, Macron wants to defuse this potential hotbed of protests in view of the labor reform (this one is liberal) which he will put in place in September.
Meanwhile, after losing just under 8% yesterday, the Fincantieri stock on the stock market attempted a rebound this morning, but then, due to the indiscretions published by Le Monde, it returned heavily in the red. The stock closed down by 2,6% at 0,93 euro.
(Last update at 23.00)
