Fincantieri CEO open to closer strategic cooperation with Thyssenkrupp
Reuters
Published Jul 18, 2023 10:08
FRANKFURT (Reuters) - Italian shipbuilder Fincantieri is interested in closer cooperation with partner Thyssenkrupp (ETR:TKAG), which is looking to divest its warship division TKMS, the company's chief executive told a German newspaper.
"Here we have two companies that fit well together and a cooperation that has proven its worth," Pierroberto Folgiero told Sueddeutsche Zeitung. "We would be more than happy to do more together."
Both companies already have a long-standing cooperation in the construction of submarines and have held talks about strategic options, including forming a 50-50 defence joint venture, in the past, according to sources.
"From an industrial perspective, any cooperation between TKMS and Fincantieri would create new value," Folgiero said.
Thyssenkrupp is currently exploring options for TKMS, which builds submarines and frigates, with scenarios ranging from a possible spin-off to a joint venture with a rival.
Sources told Reuters that possible industrial partners for TKMS are Dutch group Damen and Sweden's Saab, while private equity players, including Carlyle, are also interested.
"In any case, we are always available for Thyssenkrupp to look at and talk about possible transactions. We were ready for any form of cooperation in the past, and we will be in the future too," Folgiero said.
Thyssenkrupp board member and TKMS CEO Oliver Burkhard, in a response to the comment, said on Twitter that both companies had been working together for a long time.
"We deliver material packages for submarines to Italy. Our current goal is to make TKMS independent. After that, we should talk about European consolidation. As equals and on a level playing field."
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Written By: Reuters
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