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France’s Naval Group and Italy’s Fincantieri signed a joint venture agreement on June 14 that delineated the terms of incorporation for a new 50/50 owned company. The companies signed an Alliance Cooperation Agreement on June 14 after both companies’ boards of directors approved what is being dubbed the “Poseidon project.” According to the companies, this agreement “paves the way toward a broader alliance aimed at reinforcing their military naval cooperation for creating a more efficient and competitive European shipbuilding industry.”…
