The Duval family, which holds a 37% stake in ERAMET S.A. (ENXTPA:ERA), 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 EUR 500 million capital increase to shore up its balance sheet. Since the start of the year, the stock has tumbled nearly 20%, bringing its market capitalization down to approximately EUR 1.4 billion.
Exposed notably to nickel and manganese, the mining group has faced a string of setbacks: retreating commodity prices, a fire at a site in Senegal, and a sharp deterioration in its financial performance. In 2025, Eramet posted a loss of nearly EUR 500 million, while its net debt surged by 50% to approach EUR 2 billion. Adding to these pressures 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.
Against this backdrop, 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, as industrial players might favor a full takeover rather than acquiring a minority block. In parallel, Eramet is weighing asset disposals, including its stake in the Weda Bay nickel mine in Indonesia, in an urgent bid to strengthen its balance sheet.
