On Wednesday 30 October, the French Ministry of Finance confirmed that it remains “very committed” to Fincantieri’s proposed acquisition of Chantiers de l’Atlantique, following the Commission's decision to open an in-depth investigation into this deal (see EUROPE 12360/3).
“We are convinced that the consolidation of the European shipbuilding sector is essential to strengthen its competitiveness and to free up the necessary resources to finance innovation in the face of competitors, particularly from China, whose arrival in the market is a reality”, the Ministry said in a statement to the media.
Fincantieri expressed its disagreement with the Commission's decision as early as 29 October, after reports in the press about the investigation.
The Commission has been examining the deal since January 2019, at the request of the French and German competition authorities. This announcement therefore caused teeth to grind in Italy. “It seems strange to me that there would be obstacles and constraints to this Italian excellence”, said the head of the Italian government, Giuseppe Conte, at the time, saying he was ‘surprised” by this preparatory inquiry.
A possible rejection of the Chantiers de l’Atlantique/Fincantieri merger could once again put Commissioner Margrethe Vestager under fire. Paris and Berlin accused her of vetoing the proposed merger of Alstom and Siemens rail activities (see EUROPE 12188/1). (Original version in French by Lionel Changeur)