Economy The state refuses the takeover of Chantiers de l'Atlantique...

The state refuses the takeover of Chantiers de l’Atlantique by the former boss of Bricorama

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648x415 chantiers navals stx saint nazaire

The STX shipyards of Saint-Nazaire – L. Venance / AFP

  • The State, the majority shareholder, told Jean-Claude Bourrelier, the former boss of Bricorama, that he was not in favor of his takeover plan.
  • Bourrelier Group proposed to acquire around 41% of the capital of Chantiers.

The project is buried. The former boss of the DIY brand Bricorama, Jean-Claude Bourrelier, has announced that he is giving up the acquisition of a stake in Chantiers de l’Atlantique in Saint-Nazaire. The State, the majority shareholder, told him that it was not in favor of his takeover plan. “They told me that the time has not come,” Jean-Claude Bourrelier said on Wednesday, confirming information from the Echos.

According to a source close to the case, the state felt that there was no urgency to find a buyer and wanted an industrial rather than a financial partner, which was not Jean-Claude Bourrelier. The businessman, who wanted a decision before the end of April, said he was “a little disappointed” when he considered presenting a “balanced and sustainable” solution for the future of the shipyard, after the failure of the redemption project by the Italian Fincantieri.

Around 41% of the capital

Bourrelier Group (the family investment company he heads) proposed to acquire around 41% of the capital of Chantiers, specializing in liners and large military ships, while “the State and Naval Group would hold together up to 40% of the capital and would have specific rights recognized through the shareholders’ agreement ”. Bourrelier Group’s participation would have been placed in an endowment fund for a minimum period of ten years.

“The Shipyards have all the means to develop, are supported by the State shareholder, and have a good order book,” said the Ministry of the Economy after the failure of the takeover by Fincantieri.

The State, which took over the Chantiers in 2017 after the bankruptcy of its South Korean owner STX, currently remains the largest shareholder (84.3% of the capital) with Naval Group (11.7%), employees (2, 4%) and local companies united within the CofiPME consortium (1.6%). Chantiers de l’Atlantique, which achieved a turnover of 1.8 billion euros in 2019, employs 3,100 people and 5,000 French and foreign subcontractors.

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