Eramet launches a €500 million capital increase backed by the State at 64%
Announced on 13 November 2026, this issue, with preservation of preferential subscription rights, is based on a commitment from the State covering approximately 64% of the amount and aims to reduce the debt of the mining and metallurgical group.
Six new shares for five, at a price discounted by 42.94% ex-rights
The transaction involves the issue of 34,506,054 new shares at a unit price of €14.49 (€3.05 nominal value and €11.44 share premium), on the basis of 6 new shares for every 5 existing shares. The gross amount, share premium included, amounts to approximately €500 million.
Based on the closing price of 11 November 2026, i.e. €38.48, this price represents a discount of 42.94% to the theoretical ex-rights value of the share, set at €25.39, and a discount of 62.34% to this closing price. The theoretical value of a preferential subscription right stands at €13.09.
The rights will be detached on 16 November 2026 and tradable until 25 November inclusive, under ISIN code FR001401C5C5. The subscription period will run from 18 to 27 November 2026, after which unexercised rights will lapse. Results will be published on 2 December, and settlement-delivery is scheduled for 4 December.
Subscriptions on a reducible basis are permitted but may be scaled back in the event of oversubscription. The offer is open to the public in France only, including New Caledonia and the overseas departments and territories, and the new shares will be listed on the same line as the existing shares.
APE committed for approximately €322 million, the balance guaranteed by banks
The net proceeds of the transaction will be used to reduce the Group's debt. According to the press release, the issue should strengthen the balance sheet, ensure compliance with bank covenants and continue the implementation of the financing plan previously announced by Eramet.
The French State Shareholding Agency (APE), acting through FSI-Equation, a company owned by the State, has undertaken to subscribe for an amount of approximately €322 million. It will subscribe in proportion to its share, i.e. 27.1% of the capital, and will exercise all the rights it acquires from Sorame-CEIR, at a 5% discount to their theoretical value.
This mechanism is designed so that the voting rights actually exercised by the APE at general meetings do not exceed 49%. Sorame-CEIR will not subscribe to any new shares, and the portion of the issue not covered by the APE's commitment will be guaranteed by a banking syndicate.
On 9 November 2026, Eramet had confirmed its 2026 targets, including adjusted EBITDA of €540 to €610 million. The group had also indicated that it had entered into an agreement to sell its unexploited mining concessions in the Salar d'Arizaro, in Argentina, for $71 million.
