Ascometal France Receives Multiple Takeover Offers Amid Receivership

Overview of Ascometal's Current Situation

Ascometal France, a key player in the steel industry specializing in metals for the automobile sector, is currently in receivership. This follows the unsuccessful attempt to sell three production sites and a research center to Italian group Venete. The company, which employs about 1,200 workers, has faced financial challenges and is undergoing its third receivership procedure in a decade.

Details on the Takeover Offers

The Italian company Acciaierie Venete has renewed its interest in Ascometal's "automotive cluster," which includes three production sites in Hagondange, Custines, and Marais, along with the Ascometal Special Steels Research Center in Hagondange. This cluster employs around 700 people. Additionally, the Fos-sur-Mer site has attracted a takeover bid from its own employees and a partial offer from another Italian firm, Marcegaglia. The Dunkirk site, employing 170 people, has received an offer from the Spanish company Sidenor.

Employee-Led Takeover Initiative

A notable development is the employee-led takeover proposal for the Fos-sur-Mer site, which is supported by the CGT union. This initiative aims to secure a continuation plan for all employees, with required funding of 150 million euros anticipated from the state and the Public Investment Bank (BPI). This plan proposes a transitional shared governance model involving various local and regional stakeholders.

Challenges and Future Steps

All current offers for Ascometal's sites come with suspensive conditions that need to be resolved. The courts have set a deadline until the end of June to select the appropriate buyer(s). The main challenge for Ascometal in the upcoming weeks is to address these conditions and seek improvements in the offers received. The company's ongoing financial needs underscore the urgency of securing a stable future in the context of a struggling European steel market.

Submission Deadline and Management's Response

The deadline for submitting proposals to the Strasbourg commercial court was April 25. Ascometal's management has expressed optimism about the renewed interest from potential buyers, viewing it as a positive development amid the company's ongoing difficulties.