French state to become Eramet's top shareholder with 500 million euro capital increase
The Elysée announced on Monday, 12 October, that the state will raise its stake in the mining group and cover most of a planned capital increase. The move follows a 477 million euro net loss in 2025 and high debt at Eramet.
A state portfolio that keeps growing
The portfolio of the Agence des participations de l'État (APE) was worth 229.6 billion euros at the end of June, according to the agency's activity report, 20.5 billion euros more than a year earlier. France 24 puts the rise at nearly 10% over one year and counts 87 companies or entities in which the state holds stakes. The state owns some companies outright, including EDF, SNCF, RATP, France Télévisions and Bpifrance, while its holdings in Airbus, Thales, Renault and Orange are minority stakes. Part of the increase came from share price gains at Engie, Orange and Airbus, along with dividends received. The portfolio stood at about 100 billion euros in 2017, although its composition has changed since then.
- 2017 (approximate)
- 100 billion euros
- 30 June 2026
- 229.6 billion euros
Stakes in strategic sectors
The agency invests in energy, transport, defense and digital, with the stated aim of keeping skills and industrial capacity in France. Over the past twelve months the state became the largest shareholder of Eutelsat and took control of Bull, according to Le Figaro. It also holds 80% of Alcatel Submarine Networks, which specializes in undersea cables. At the same time the state is selling stakes in companies it considers less strategic. Abroad, the German federal state lists 119 direct holdings, and the United States recently took stakes in Intel and in rare earths producer MP Materials.
Eramet: the state moves to the top
On Monday, 12 October, the Elysée announced that the state will significantly increase its stake in Eramet, the mining group in financial difficulty, and become by far its largest shareholder. The state held just over 27% of the capital at the end of 2025, and it will overtake the Duval family, which held 37.22% at the same date. The Elysée said the state will not take more than 50% of the capital, and it did not specify the financial size of the operation. The group plans a 500 million euro capital increase, in which the APE will subscribe and buy the rights of the Duval family, which had been the top shareholder. The Duval family joined Eramet's shareholding in 1999, when the mining company merged with Aubert & Duval.
- Duval family joins Eramet's shareholding when the group merges with Aubert & Duval
- State just over 27%, Duval family 37.22%, net loss of 477 million euros
- Elysée announces the state will become Eramet's largest shareholder
- Planned 500 million euro capital increase
Losses and debt behind the move
Eramet posted a net loss of 477 million euros in 2025 and carries high debt, according to Franceinfo. The group had already announced a capital increase this year, which it described as "essential for the group" and scheduled for the fourth quarter. Eramet produces manganese, nickel and lithium. France 24 reports that the state's stake is intended to secure supply of critical metals.
What comes next
The capital increase is scheduled for the fourth quarter of 2026, and Le Figaro says the state will become the main shareholder before the end of the year. The Elysée did not give the financial size of the operation on Monday. The state's portfolio value of 229.6 billion euros is measured as of 30 June, so it does not reflect later stock market moves.
