The Commercial Court of Toulouse issued its highly anticipated ruling today in the critical case of Fibre Excellence, France’s last market kraft pulp producer.
Key Takeaways from the Decision:
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Buyout offer rejected: The court officially turned down the comprehensive takeover bid led by investor Matthieu Pigasse (Combat Holding). Despite support from trade unions and regional leaders in Occitanie and PACA, the offer failed to secure essential backing from the French government, with the Ministry of Economy deeming it financially insufficient.
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Reprieve for Saint-Gaudens: The Saint-Gaudens mill (Haute-Garonne) has been granted a temporary extension of operations until the end of August 2026. This grace period aims to allow a last-minute backup solution or a new buyer to emerge.
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Major uncertainty for Tarascon: With no overall takeover plan approved, the Tarascon mill (Bouches-du-Rhône) faces the immediate threat of liquidation, putting hundreds of industrial jobs and the regional forestry supply chain at risk.
This outcome marks a critical setback for the French paper industry, further threatening national industrial sovereignty in pulp production.
Photo/Fibre Excellence