Media reports coming out of Europe claim a long-awaited deal to give Fincantieri control of STX France is essentially done.

According to Reuters, under the agreement Fincantieri will take 50 percent of STX France, the French state 34.34 percent, Naval Group 10 percent, STX staff 2 percent and STX local suppliers 3.66 percent.

The French state will then lend 1 percent to Fincantieri, giving it 51 percent of the shipbuilder and thus, complete control.

There is a clause for the French state to take back their 1 percent if certain conditions are not meant.

There is another initiative underway to study a merger into the French Naval Group, which would make Fincantieri a naval building powerhouse.