Italian Minister Warns of Rigid Response to French Shipyard Move
Paris and Rome should be able to resolve their differences over the sale of a disputed shipyard, Italy's industry minister said on Wednesday, but he hinted that French investors might yet be hurt because of the row. The comments from Industry Minister Carlo Calenda could spell trouble in particular for French media group Vivendi , which has taken control of Italy's main telecom provider Telecom Italia (TIM). France angered Rome last month by ordering the "temporary" nationalisation of STX France shipyards…
France to Nationalize STX if Italy Deal Fails
French govt has made 50/50 ownership offer to Italy; Minister says offer on the table until Thursday. The French state said on Wednesday it would nationalise the STX France shipyard if Italy does not accept its offer to split STX's capital equally, putting down a marker on the limits of economic liberalism under new President Emmanuel Macron. The threat raises the stakes in a standoff with Rome over the shipyard's fate, the only one in France with facilities large enough to build aircraft carriers. Economy Minister Bruno Le Maire said nationalisation would give the state more time to find a better shareholder deal, but even if temporary, it would mark the first major state intervention in the corporate world by Macron's government which was elected on a pro-business platform.
Italy, France Seek Rapid Solution to STX Stake Sale
Italy and France have agreed to seek a rapid solution in discussions over selling a large stake in the STX France shipyard to Fincantieri, Italy's economy ministry said on Monday. Italian Economy Minister Pier Carlo Padoan and Industry Minister Carlo Calenda discussed the planned sale with French Finance Minister Bruno Le Maire in Rome. "Taking into consideration the openness of both countries to foreign direct investment, talks will continue to find a shared solution rapidly," the ministry said in a statement.
TTIP Free Trade Deal Between U.S. and EU at Dead End
A free trade deal being negotiated by the European Union and the United States is at a dead end and an agreement with Canada is also at risk, Italy's industry minister said on Tuesday. "I think (the TTIP deal) will fall through, and the agreement with Canada is at risk of doing the same. We have been negotiating it for too long," Carlo Calenda said at an event in Rome. Calenda said confidence in the negotiations was lacking. Talks on the Transatlantic Trade and Investment Partnership (TTIP), a sweeping U.S.-European free trade deal, started three years ago, but the two sides have been unable to settle differences over various issues, including agriculture. (Reporting by Giuseppe Fonte, writing by Isla Binnie)
