The two main shareholders of Eramet, the State and the Duval family, have reached an agreement on the governance of the mining group.
According to our information, the State (26% of the capital) saved the head of CEO Christel Bories.
His term expires in May, and the Duval family (37%) did not want to renew it.
In exchange for the reappointment of Christel Bories, the State accepted the appointment as lead director of François Corbin.
The latter is considered an “independent” director, even if he was appointed to the board of Eramet on the proposal of the Duvals… This Michelin executive having worked with Christel Bories at Pechiney, his choice is presented as
“consensual”
by some close to this sensitive issue.
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Battle at the top of Eramet
The Duvals have obtained the separation of the functions of chairman and chief executive officer by the end of Christel Bories' mandate, without a date being mentioned in the agreement between the two shareholders, which will be put to the vote on Tuesday. board of directors.
Sword of Damocles
Christel Bories would accept these two key points of the agreement.
But, in the absence of a date of separation of functions, a sword of Damocles hangs over his head: the Duvals could be tempted to ask for dissociation from 2022. The State has supported the CEO to the end.
The Duvals had indicated at the beginning of March
"supporting the strategic line defended by the management"
, in particular the sale of the Aubert et Duval subsidiary, which they brought to the mining group in 1999 in exchange for their entry into the capital.
In great difficulty, the subsidiary could be taken over by a consortium bringing together Airbus, Safran and Ace Aero Partner.
But the terms of the transfer may be complicated to negotiate.
