France nationalizing shipyard amid Italian takeover interest

The French government is temporarily nationalizing the country's emblematic Saint-Nazaire shipyard to prevent an Italian company from taking it over at the end of the week and to give France time to negotiate more guarantees in the case of an eventual deal.

The unexpected decision prompted anger in Italy, but French Economy Minister Bruno Le Maire insisted the move was temporary and that negotiations with the Italian state-owned group Fincantieri would continue. He said he was going to Rome on Tuesday for more talks.

The decision to nationalize the Saint-Nazaire shipyard on the Atlantic coast is the first major foray into the industrial sector for President Emmanuel Macron...