French, Italian shipbuilders forge naval alliance [Reuters]
RENAULT SA UNSP/ADR (RNLSY)
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Source: Reuters
French, Italian shipbuilders forge naval alliance - Reuters 4 Min Read PARIS, June 14 (Reuters) - France and Italy forged a military shipbuilding alliance on Friday, as state-controlled Naval Group and Fincantieri signed off on a 50-50 joint venture that will bid for Franco-Italian warship projects and sell to the world market. The alliance reflects the two countries’ desire to fend off competition in naval shipbuilding from the likes of China, the United States and Russia. It is targeting orders worth up to 5 billion euros ($5.63 billion) over the next decade. Naval Group said the joint venture aims to build 10-15 warships in that period, with synergies estimated at 10-15%. “It is the product of a shared industrial ambition,” Herve Guillou, chief executive of Naval Group told reporters on a call. “We are by far the two biggest naval shipbuilders in Europe, but we cannot remain competitive and maximise our resources if we rely only on our domestic markets.” The joint venture does not
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