Eramet announced on 29 October that it had formed a banking syndicate to prepare its recapitalisation. The group, present in Gabon with Comilog and Setrag, is also setting the conditions for resuming dividends.
This step comes as its balance sheet remains under strain. In its first-half 2026 results, published on 29 July, Eramet reported consolidated net debt of €1.868 billion and an adjusted leverage ratio of 4.5 times. The two indicators do not rest on exactly the same amount of debt. For the leverage ratio, the group restates in particular the cash provided by the French state to fund the future losses of Société Le Nickel.
Separate thresholds for the balance sheet and dividends
That ratio measures the restated debt against adjusted EBITDA. Eramet aims for a level below three times by the end of December after the recapitalisation, but reserves dividends until leverage falls below one times.
The structure confirmed on 12 October involves a rights issue of €500 million with preferential subscription rights maintained. Announced as early as February, the transaction is intended to strengthen equity and allow compliance with banking commitments. It forms part of a plan that combines improved performance with asset monetisation.
French state set to become largest shareholder
The French state shareholding agency (APE) is to subscribe in proportion to its 27.1% stake and buy all or part of Sorame-CEIR's rights. The arrangement provides that its effective voting rights do not exceed 49%. The APE would become the largest shareholder and Sorame-CEIR the second largest. Other shareholders could exercise their rights or sell them on the market.
The AMF granted an exemption on 26 October. However, the timetable remains subject to market conditions and to the exemption becoming final, meaning it must be free of any appeal.