France and Italy call off deal for Fincantieri to take majority stake in Chantiers d'Atlantique shipyards

   January 29, 2021 ,   Cruise Industry

A proposed merger between the Italian shipbuilding company Fincantieri, in which the government has a majority stake, and the French state-controlled Chantiers de l’ Atlantique (Saint-Nazaire Shipyard) fell through, the countries' finance ministries announced in a joint statement.

The merger was initiated in 2018 and the deadline to complete was January 31, 2021.

The European Commission (EC) expressed reservations about the plan on the note it could reduce competition in the cruise shipbuilding sector as the two companies are among the largest in this industry. In October 2019, the EC decided to launch an inquiry into the merger and its eventual effects.

Port of Saint-Nazaire (France)

The stance of the European Commission and uncertainty in the outlook for the tourism sector due to the Coronavirus (COVID) crisis, so that the economic context doesn't allow the continuation of the merger, the ministries said.

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