France Buys Shipyard Stake

Thursday, June 12, 2008

announced plans on to buy back 9 percent of the country's biggest shipyard.
Chantiers de l'Atlantique in western , which built Queen Mary 2, was sold by French engineering firm Alstom to Norwegian shipbuilder Aker Yards in 2006. But a controlling 39 percent stake in the Norwegian company was transferred to 's STX Shipbuilding a year later, raising concerns in over the future of 3,000 shipbuilding jobs in the country.
Alstom, which had owned the shipyard since the 1970s, sold 75 percent of Chantiers de l'Atlantique to Aker Yards in January 2006, citing financial losses.
It kept 25 percent with an option to sell in 2010.

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