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Chantiers De L’Atlantique-Fincantieri Merger Delayed Until Year-end

Chantiers de l’Atlantique-Fincantieri merger delayed until year-end

Source: European Commission
Trieste, Italy (PortSEurope) November 6, 2020 – A few days before the merger of France’s Chantiers de l’Atlantique and Italy’s Fincantieri SpA, the relevant parties agreed to postpone finalization of the deal until 31 December 2020. The delay was agree by the French government (84.34% shareholder), Naval Group (11.67%) and Trieste-based Fincantieri. The reason given for the delay was to give the European Union further time to come
to a judgment on the merger. In October 2019, Brussels decided to open an in-depth investigation into the proposed merger following objections from cruise ship companies Carnival and Royal Carribean, and labour unions. The French Senate is concerned about possible job losses in France and there are also concerns about potential intellectual theft in China where Fincantiei has a joint venture with China’s CSSC on the cruise ship building industry. The China State Shipbuilding Corporation is the largest shipbuilding conglomerate in the world. Headquartered in Beijing, the CSSC handles mostly shipbuilding activities. Copyright (C) PortSEurope. All Rights Reserved. 2020.

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