EU Clears Thales, DCN Shipbuilding Combo

Friday, March 23, 2007
France's two main warship makers, DCN and Thales SA, won EU approval to combine their shipbuilding businesses, boosting the prospect of wider consolidation in Europe's fragmented naval sector. The French government has backed the deal, in which state-owned naval shipyard DCN is buying Thales' shipbuilding activities in France _ excluding its parts-making business. Thales has taken a 25 percent stake in DCN, with the option of raising the stake to 35 percent over the next two years.

The European Commission said its investigation showed the deal would not cause antitrust problems because the two already cooperate closely and a number of effective rivals would remain standing. Thales had already sold most of its naval equipment business to DCN before the deal, it said, meaning that any new changes would be limited and there was little chance of the combined company choking supply to rivals. DCN will acquire Thales' naval assets, including its stakes in their existing joint ventures, Armaris and MOPA2 _ the unit established to build a second aircraft carrier for the French navy. Thales paid around $180m for a 25 percent stake in DCN, valuing the company at euro2.8 billion $3.4b. The French state currently owns a 75 percent stake in DCN, and held 31 percent of Thales when the deal was announced on Dec. 15.

Unlike the military aerospace sector, concentrated around Britain's BAE Systems PLC and Airbus' Franco-German parent, European Aeronautic Defence and Space Co., Europe's warship building industry remains fragmented and inefficient. But any attempt to build a European giant to rival U.S. warship maker Northrop Grumman Corp. would be fraught with political problems _ not least of which would be the prospect of widespread shipyard restructuring and job cuts. Source: Houston Chronicle

Maritime Reporter February 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Shipbuilding

Shipping Contributes $164bln to EU

The European Community Shipowners' Associations has released the results of a recent update of an Oxford Economics study on the economic value of the EU shipping

UAE Shipping Delegation to Meet with Greek Counterparts

A delegation of Middle East maritime heavyweights including H.E. Khamis Juma Buamim, chairman & group CEO Drydocks World and Maritime World and Rashid Mohammed Al Habsi,

Shipping Industry Faces Shake Up

As global shipping grapples with its worst downturn in 30 years, private equity firms are unwinding massive bets made on the sector in a move set to accelerate

Cruise Ship Trends

Genting Acquires Crystal Cruises

Crystal Cruises has been sold for $550 million to the owner of Asia's largest cruise line and a major shareholder of Norwegian Cruise Line.    Crystal's parent company,

Carnival Cruise Line Shuffles Ships

A few weeks after Carnival Cruise Line announced plans to move the Carnival Liberty and Breeze to Galveston, the cruise line announced the future homes of the Carnival Triumph,

Holland America Line Appoints Geivett as Director, Social Media

Holland America Line has hired Kathryn Geivett as director, social media. In this capacity Geivett’s primary responsibility will be to drive, plan and oversee

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Naval Architecture Pod Propulsion Salvage Ship Repair Ship Simulators Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1095 sec (9 req/sec)