The group lost 477 million euros in 2025: the State is authorized to come to the aid of Eramet without filing a takeover bid

The State will not have to submit a public purchase offer (OPA) during its rescue of Eramet even if it increases its capital very significantly, the Financial Markets Authority (AMF) announced on Monday. The AMF justifies this exemption from stock market regulations by “the proven situation of financial difficulty” of the mining group. Without the capital increase of 500 million euros planned by the end of the year by Eramet, the group "will have significant difficulties in refinancing its debt", and its continuity of operation "could be hampered", observed the AMF in a notice on Monday.

A precarious financial situation is a reason for exemption from the launch of a takeover bid, normally obligatory when a shareholder intends to acquire more than 30% of the capital or voting rights of a company. The AMF also took into consideration the fact that Eramet has been operating for several months in a "particular environment", citing "volatility in the price of raw materials having led to a notable deterioration of its main financial indicators during the recent period". Heavy losses last year Eramet suffered heavy financial losses in 2025 (net loss of 477 million euros) and its debt is high.

In this context, the group announced a capital increase in February, presented as "essential for the group", and scheduled for the fourth quarter. The company, which will present its third quarter results on Thursday evening, produces manganese, useful for the manufacture of alloys, nickel which is used to make stainless steel and rechargeable batteries, mineral sands and, since the end of 2024, lithium, also used in electric batteries. Manganese and nickel saw their prices fall in 2025.

In mid-October, the Élysée announced that the State would "significantly increase its participation" in the capital of the mining group in difficulty, to the point of becoming "very largely the largest shareholder", but without crossing the threshold of 50% of capital. At the end of 2025, the State held just over 27% of the company's capital, behind the Duval industrial family, which holds around 37% of the capital. At the end of the capital increase planned for the end of the year, the latter player will hold much less of the capital and voting rights of the company but nevertheless plans to be the second shareholder of the company.

Machine-translated from French