Defense: angry alliance between Naval Group and Fincantieri
In the naval defense sector, the scenario of a union between French and Italian takes the water.
THE ECONOMY WORLD | 23.10.2018 at 11:47 | By Dominique Gallois
The location is symbolic. For the first time, the French Naval Group (formerly DCNS) will be next to the Italian Fincantieri at Euronaval, which is held every two years at the Bourget exhibition center near Paris. One way to remember their willingness to ally in the military field to professionals who, from Tuesday 23 to Friday 26 October, will walk the aisles of the largest world naval defense fair. And this despite the headwinds blowing on both sides of the Alps.
For over twenty years, Europeans have been talking about creating an “Airbus of the Seas” to face the competition. In vain. Bursting between twenty or so actors, the most important being the French Naval Group, now world 6th, these yards have to face four major American groups, and especially the rise of power of the Chinese and Russians.
However, until now, all the projects of rapprochement have turned around, for many reasons, economic, strategic, but also diplomatic, and the groups continue to compete on the large tenders. Thus, over the decades, the strategic partner of France could have been Spanish with Navantia, then German with TKMS, and today, Italian with Fincantieri. Once again, the obstacles are many in the face of an alliance that was initially capitalistic, with cross-participation, and industrial, with the creation of a common society.
The folder with the code name “Poseidon” patina
Since the announcement of this merger in the summer of 2017, the file codenamed “Poseidon” skates. From now on, the bosses of Naval Group and Fincantieri, Hervé Guillou and Giuseppe Bono, seem to be the only ones to defend their project.
And for good reason, the question of a cross-participation between the two groups of 5% to 10% is abandoned. From the beginning, Thales, shareholder of Naval Group up to 35% in …