France's new sovereign wealth fund to invest in shipbuilder

French President Nicolas Sarkozy has big plans for reigniting his country's economy through a sovereign wealth fund that he hopes will transform the state to an "investor, entrepreneur and protector."

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France took its first step in that direction with an agreement to pay €110 million ($142 million) for one-third of STX France Cruise SA, maker of the world's longest ocean liner, the Queen Mary II.

The deal, announced late Thursday, will be the first purchase by France's new sovereign wealth fund.

Sarkozy's office said in a statement that it had agreed to buy a 33.3% stake from South Korean shipbuilder STX Shipbuilding Co. Ltd. and French engineering group Alstom SA. - Paul Whitfield

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