ROME: Italy’s fast approaching March election. Planners from both countries are working on how best to merge Fincantieri and Naval Group Italy and France’s state ship yards which is being seen as a crucial step towards fuzing Europe’s fractured defense industry.
Following the formation of a working group last September, the two sides have committed to producing a blueprint by May. On Thursday, Fincantieri CEO Giuseppe Bono and the head of Naval Group, Hervé Guillou, are expected to give a progress report on talks to a Italy’s defense, industry and treasury ministers, Roberta Pinotti, Carlo Calenda and Pier Carlo Padoan, respectively. Alongside them will be French Armed Forces Minister Florence Parly and Finance and Economy Minister Bruno Le Maire. Also present will be Italy and France’s defense procurement chiefs, Carlo Magrassi and Joël Barre, who are both members of the working group, alongside the two CEOs. Bono and Guillou are likely to get the blessings of the ministers to push on towards closer integration, which could initially see a share swap between the firms, followed by an eventual full merger.
