Another turn of events. Following Matthieu Pigasse’s expression of interest (letter of intent) regarding the takeover of Fibre Excellence, the French producer of market pulp (FE; see our news last 18 June), on 22 June, in a press release, Jean-François Guillot, chairman of FE (photo), announced the withdrawal of the bid he had put forward alongside the management team, in light of “the doubts raised by the Minister for Industry and various stakeholders regarding the governance of the bid.” The Toulouse Commercial Court is due to rule on this case on 6 July.
Here is the full text of the press release. “In response to the strong expectations expressed by the State and various stakeholders regarding the importance of a renewal of governance, it was decided that withdrawing the bid was now necessary to save the group and its jobs. This decision follows significant groundwork carried out by the management since the start of the conciliation proceedings in November 2025. The progress made and the constructive dialogue initiated with all public stakeholders have enabled the project to advance significantly, thereby paving the way for concrete solutions to ensure the continuation, sustainability and development of the group’s business, its factories (Provence and Saint-Gaudens), and its forestry companies Sebso and Enviroforesterie.
In light of the concerns raised by the Minister for Industry and various stakeholders regarding the governance of the bid, and in line with its primary objective of safeguarding the paper manufacturing industry in France, the project sponsor has therefore decided to withdraw and allow a new investor the opportunity to lead, as they see fit, a sound industrial and financial project. In pursuit of the collective objective of ensuring the long-term viability of operations and industrial sovereignty, FE’s management will make its experience and expertise available – in accordance with the tender process opened by the Court and running until 2 July – to ensure the successful implementation of any takeover solution.
“My top priority has always been to safeguard industrial activity and jobs in France, to ensure national sovereignty and preserve the future of the French forestry and paper industry,” explains Jean-François Guillot. I would like to emphasise the importance of the collective effort made over recent months and thank the employees, the trade unions, the Occitanie and Sud regions, and local elected representatives, whose commitment has enabled us to make concrete progress on the measures needed to restore competitiveness. The strong calls from the State and various stakeholders for a new governance structure have led me to withdraw the takeover bid that I had put forward alongside the management. I have therefore chosen to act responsibly in order to enable the establishment of a new governance structure, as requested by our public and trade union partners, and thereby facilitate the emergence of a sustainable solution for our group. Convinced of FE’s importance to French industrial sovereignty, the management team and I will continue to support any solution that saves jobs and ensures the long-term future of our paper and forestry operations.”
V. L.
Photo/V.L.