Fincantieri notified the take-over of STX France to Brussels
By October the 30th, the DG Competition must decide whether to give the green light or to start an in-depth investigation of the deal
After months of waiting, speculations and complaints on the part of Fincantieri Managing director Giuseppe Bono about the slowness of Brussels bureaucracy, the Italian shipbuilding group formally notified to the DG Competition of the European Commission its intention to take-over Chantiers de l’Atlantique (former STX France), the Saint Nazaire historical shipyard.
In fact, in the institutional website of the EU Competition Authority there is the notice of service dated September the 25th, specifying October the 30th 2019 as a provisional deadline.
No additional details are provided, except for the direct reference to the General Directorate’s decision of 8 January 2019 when – upon request of France and Germany – the Brussels executive had decided to examine the transaction, which had already been defined by the Italian and French governments.
Within the end of October, the DG Competition must evaluate the documents provided by Fincantieri and decide whether to grant an immediate authorization, or to start an in-depth investigation, reserving the right to issue a final verdict after this last procedure.