French government buys a third of legendary shipyard to protect national interests

Other News Materials 7 November 2008 01:13 (UTC +04:00)

President Nicolas Sarkozy's office says the French government has bought a third of the country's last civil shipyard as part of a previously announced plan to protect its national interests, the Associated Press reported.

A statement Thursday said the French state has acquired a 33.34 percent stake in Chantiers de l'Atlantique from South Korea-based STX Shipbuilding through a capital increase of 110 million euros ($140 million), in line with the agreement originally announced in June.

It added that "if necessary, this price will be increased in 2012, depending on the performance of the company, by a supplement totalling a maximum of 83.3 million euros."

Chantiers de l'Atlantique was previously held by Norway's Aker Yards, also known as STX Europe, with 75 percent, and French engineering group Alstom, with 25 percent.