Fincantieri has decided not to exercise its option to acquire majority ownership of Lloyd Werft in Bremerhaven, according to a spokesperson. Fincantieri has held a 21 percent stake in Lloyd Werft since 2006, with an option to expand that to 51 percent. The option expired Dec. 31, 2008.

Ownership of Lloyd Werft was seen as part of Fincantieri’s strategy to gain a bigger footprint in the cruise-ship repair and refurbishment business with the German yard in Northern Europe in addition to Fincantieri’s Palermo yard in the Mediterranean. Fincantieri has previously also been considering acquiring an interest in the Grand Bahama Shipyard.

While Fincantieri will continue is cooperation with Lloyd Werft and repair and refurbish cruise ships in Palermo, its latest expansion is instead into navy shipbuilding projects with is acquisition of Manitowoc on the Great Lakes.