French miner Eramet has signed a Share Purchase Agreement with the consortium ready to buy its lossmaking subsidiary Aubert & Duval (A&D), taking it a step closer to the completion of the sale. Together with high-speed steel producer Erasteel, A&D is part of Eramet’s high-performance alloys division, Kallanish notes.
Earlier this week, the employee representative bodies agreed to the sale to a consortium that includes Airbus, Safran and Tikehau Ace Capital. The process should be completed by the end of 2022, Eramet says in a note.
In February, Eramet announced this divestment is in line with the company’s strategic roadmap, which aims to refocus on its upstream activities and develop in metals for the energy transition. The miner has been looking for a buyer for its troubled French subsidiary since last year (see Kallanish passim).
A&D’s value is estimated by the seller at €95 million ($100.2m).
Natalia Capra France