Gide advises French State on shipyard deal

Law frim Gide Loyrette Nouel advised the French State on its acquisition of a 33.34% interest in the Chantiers de l'Atlantique shipyards. The purchase of a stake in STX France Cruise, the owner of Chantiers de l’Atlantique, is pursuant to the 12 June 2008 agreement between the French State and the Korean group STX, and confirms the French State’s confidence in the shipyard’s technical expertise and development prospects.

The acquisition will be achieved through a 110 million euros capital increase (and, depending on the company’s performance, the investment may be supplemented in 2012 by a further injection of up to 8.3 million euros).

Chantiers de l'Atlantique, which to date was 75% owned by the Norwegian company STX Europe, with Alstom retaining a 25% interest, will now be 50.01% owned by STX Europe, 33.34% by the French State and 16.65% by Alstom. The interest held by the French State will give it a blocking minority affording it a right of veto with regard to strategic corporate decisions.

Gide Loyrette Nouel lawyers Jean-Emmanuel Skovron, Christine Miles and Maryline Roux advised the French state.