France pens terms and conditions

France did not want Italian shipbuilding group Fincantieri to hold more than 50% of bid target STX France, but was willing to allow a number of Italian companies to hold a majority, a source close to Economy Minister Christophe Sirugue said. State-owned Fincantieri has made a bid for STX France, which specialises in building cruise ships at France’s Saint-Nazaire shipyard. The sale forms part of a broader sell-off of businesses following the demise of South Korea’s STX shipbuilding group. Sirugue told Fincantieri CE Giuseppe Bono that France welcomed his company’s bid for STX France.