Thales to take 25% stake in DCN

Thales and naval construction group DCN have agreed a tie-up, which will see Thales take a 25% holding in DCN. The source confirmed a report that appeared in French financial daily Tribune that the government would announce the tie-up officially next week. According to the source, the agreement will be officially announced on Wednesday, with both companies having called meetings of their respective administrative boards and works councils on that day.

Thales, in which the state has a 31.3% holding, and DCN, which is fully state-owned, have been negotiating a merger for over a year.