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No verified transfer of control is established. STMicroelectronics’ latest reviewed ownership disclosure reports that the French and Italian governments indirectly held a combined 13.9% of its share capital at December 31, 2024. A separate 2025 report says their jointly controlled holding owned 27.5% of the company. Those figures measure different things, and the 2026 board changes do not by themselves show that either country has lost influence.
Who controls STMicroelectronics?
STMicroelectronics is a Dutch-incorporated company with its legal seat in Amsterdam and operational headquarters in Geneva, Switzerland. It was formed in 1987 from the semiconductor businesses of Italy’s SGS Microelettronica and France’s Thomson Semiconductors, according to the company’s 2026 semiannual report.
France and Italy have state-linked interests through ST Holding, a joint arrangement involving Bpifrance and Italy’s Ministry of Economy and Finance. The company’s 2025 Form 20-F describes governance rights attached to that arrangement, including the ability to propose six of nine Supervisory Board members and appoint the Managing Board. These rights are distinct from the governments’ economic shareholding percentage.
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Why are two different ownership figures being reported?
| Figure | What it measures | Date and source |
|---|---|---|
| 13.9% | Combined indirect shareholding of the French and Italian governments through Bpifrance and Italy’s Ministry of Economy and Finance | As of December 31, 2024, in STMicroelectronics’ 2025 Form 20-F, filed in February 2026 |
| 27.5% | ST Holding’s stake in STMicroelectronics; ST Holding is controlled equally by Paris and Rome | Reported by Le Monde on July 22, 2025 |
The numbers are not interchangeable: 13.9% describes the governments’ combined indirect shareholding as disclosed by the company, while 27.5% describes the stake held by ST Holding. The reviewed 2026 semiannual report does not provide a newer combined government shareholding percentage, so 13.9% should not be presented as a verified figure for October 2026.
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What happened in the 2025 dispute?
Le Monde reported that Italy was concerned about the impact of an industrial reorganization on the Agrate Brianza and Catania plants. The newspaper said Italy threatened to remove chief executive Jean-Marc Chéry amid that dispute. The threat was not an accomplished removal: Chéry remained in office after the May 28, 2025 annual general meeting, at which all resolutions passed, according to the report.
Le Monde’s July 2025 account said the restructuring plan involved 2,800 voluntary job departures, including 1,000 in France, and targeted annual savings of $300 million to $360 million by 2027. It also reported about 12,700 employees in Italy at that time. These are dated figures about a restructuring plan and workforce, not evidence that either country lost corporate control.
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What changed in 2026?
STMicroelectronics’ 2026 semiannual report says its Supervisory Board appointed Armando Varricchio chairman and Nicolas Dufourcq vice-chairman on May 27, 2026. The annual general meeting was held in Amsterdam that day, and the proposed resolutions were approved. The filing records leadership appointments and a shareholder vote; it does not characterize them as a transfer of control away from France and Italy.
The same report describes planned 2026 manufacturing investments in both countries:
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- Italy: a high-volume silicon-carbide manufacturing facility in Catania and a ramp-up of the 300mm wafer fab in Agrate.
- France: a 300mm wafer-fab evolution in Crolles and a pilot panel-level packaging line in Tours.
These plans show continuing industrial activity in France and Italy as of the report’s June 27, 2026 reporting date. They do not establish how national influence may change in the future.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What is the best-supported conclusion?
The headline “France, Italy to lose control of STMicroelectronics” goes beyond what the reviewed evidence establishes. There was a reported political dispute over restructuring, followed by a completed AGM and 2026 board appointments. Neither those events nor the dated ownership figures demonstrate that another party took control or that the two governments lost their joint influence.
In July 2025, Le Monde quoted Dufourcq, then identified as Bpifrance chief executive and Supervisory Board chair, telling BFM Business: « On est sortis de cette zone de turbulences » (“We have emerged from this period of turbulence”). That was a statement about the tensions at the time, not a current ownership update.
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