Skip to content
Subscriber Only

Macron Nationalizes Shipyard, Spooking Outsiders

  • Move that harkens back to old French ways pleases nationalists
  • Macron step is effort to appease country before labor reforms
Video player cover image

The Meteoric Rise of France's New President 

Updated on

As government actions go, President Emmanuel Macron’s nationalization of a shipyard Thursday is as French as it gets.

The move, aimed at blocking Italy’s Fincantieri SpA from taking control of the 155-year-old shipbuilder known as STX France, is confounding those who’ve been expecting Macron to ring in a new era of business friendliness. The week had after all started with his attempt to put France’s finances in order by deciding on Monday to slash public spending on housing.