Business · Companies · 7 hrs ago
France can raise its stake in Eramet without making a takeover offer
France’s financial markets regulator has allowed the state to increase its stake in Eramet without a takeover offer.
The French mining company has faced financial strain after recording a €477 million net loss in 2025 and taking on high debt.
Normally, an investor seeking more than 30% of a company must make an offer to buy shares from other shareholders.
The regulator said Eramet’s financial difficulties justified an exception, because without new capital the company could struggle to refinance its debt and continue operating.
Eramet plans a €500 million capital increase by the end of the year, and France expects to become its largest shareholder while remaining below 50% ownership.
The state held just over 27% of Eramet at the end of 2025, while the Duval family held about 37%; the company’s third-quarter results are due Thursday.
France can increase its stake in Eramet without making a takeover offer, the French markets regulator said.
The AMF granted an exemption because the mining group is in financial difficulty.
Eramet plans a €500 million capital increase by the end of the year.
The regulator said that without the capital increase, Eramet would face significant difficulty refinancing its debt.
The French state said it would become Eramet’s largest shareholder but would not cross the 50% ownership threshold.
- Who
- The French state and Eramet, a French mining group.
- What
- France can increase its stake in Eramet without making a takeover offer.
- When
- The AMF announced the exemption on Monday; the capital increase is planned by the end of the year.
- Where
- France.
- Why
- The AMF cited Eramet’s financial difficulties and the risk that it would struggle to refinance its debt without a planned capital increase.
This story does not have two clearly opposing sides.
Eramet announced a capital increase, which it described as essential for the group.
The Élysée said the state would significantly increase its stake in Eramet and become its largest shareholder without crossing 50%.
The AMF said the state could increase its stake without making a takeover offer.
- Planned capital increase
- €500 million
- Eramet’s 2025 net loss
- €477 million
- State stake at end of 2025
- A little over 27%
- Duval family stake
- About 37%
- State’s planned ownership limit
- Below 50%
What people are saying
la situation avérée de difficulté financière
aura des difficultés significatives à refinancer sa dette
augmenter significativement sa participation
très largement le premier actionnaire