Duval family reportedly considering exit from Eramet
According to the Financial Times, the anchor shareholder of the French mining group has mandated Lazard to explore its options, as Eramet navigates a period of severe financial and governance strain.
The Duval family, which holds a 37% stake in Eramet, has reportedly tasked Lazard with reviewing a potential sale of its holding, the Financial Times reports, citing several sources close to the matter. This strategic review comes as the group prepares a €500m capital increase to shore up its balance sheet. YTD, the stock has tumbled nearly 20%, bringing its market capitalization down to approximately €1.4bn.
A governance crisis complicating matters
Notably exposed to nickel and manganese, the mining group has faced a string of setbacks: retreating commodity prices, a fire at a site in Senegal, with a sharp deterioration in its financial performance. In 2025, Eramet recorded a loss of nearly €500m, while its net debt surged by 50%, approaching €2bn. Compounding these tensions is a governance crisis, marked by the ousting of CEO Paulo Castellari, the suspension of the CFO, and the temporary return of Christel Bories to lead the group.
In this context, the fundraising planned for late May could dilute the Duval family's stake if they choose not to participate. However, finding a buyer may prove challenging: an industrial player might favor a full takeover rather than acquiring a minority block. In parallel, Eramet is considering asset disposals, including its stake in the Weda Bay nickel mine in Indonesia, to urgently strengthen its financial position.
Eramet, a global mining and metallurgical group, is a key player in the extraction and valorisation of metals (manganese, nickel, mineral sands) and the elaboration and transformation of alloys with a high added value (high-speed steels, high-performance steels, superalloys, aluminium and titanium alloys).
The group supports the energy transition by developing activities with high growth potential. These include lithium extraction and refining, and recycling.
Eramet positions itself as the privileged partner of its customers in sectors that include carbon and stainless steel, aerospace, pigments, energy, and new battery generations.
Building on its operating excellence, the quality of its investments and the expertise of its employees, the group leverages an industrial, managerial and societal model that is virtuous and value-accretive.
Net sales break down by family of products mainly between manganese (66.9%), mineralized sands (8.7%), nickel (7.8%), and lithium (1.5%).
Net sales are distributed geographically as follows: France (0.9%), Europe (24.7%), China (23.9%), Asia (30.7%), North America (15.3%), Africa (3.1%), South America (0.8%), and Oceania (0.6%).
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