French, Italian shipbuilders forge naval alliance

FILE PHOTO: A sub-scale sized model of a Corvette by Fincantieri is displayed at Euronaval, the world naval defence exhibition in Le Bourget near Paris, France, October 23, 2018. REUTERS/Benoit Tessier

PARIS (Reuters) - France and Italy forged a military shipbuilding alliance on Friday, as state-controlled Naval Group and Fincantieri signed off on a 50-50 joint venture that will bid for Franco-Italian warship projects and sell to the world market.

The alliance reflects the two countries' desire to fend off competition in naval shipbuilding from the likes of China, the United States and Russia.