BREAKING NEWS

BREAKING NEWS

EU says it will review planned French-Italian shipbuilding merger

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BRUSSELS (Reuters) - The European Commission said on Tuesday that it would investigate Italian shipbuilder Fincantieri's planned acquisition of French counterpart Chantiers de l'Atlantique after France and Germany asked it to do so.

The merged entity would not have a turnover high enough to require notification to EU regulators.

"However, the plan was notified for authorisation in France and Germany," the Commission said in a statement.

It added that, on the basis of information provided by both countries, it had concluded that the transaction could significantly harm competition in shipbuilding, in particular in the global market for cruise ships.

The French company was previously called STX France.

(Reporting by Philip Blenkinsop)

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