The Paris Commercial Court approved the takeover of the ailing French metallurgical sites of Ascoval and Hayange by the German group Saarstahl.
Their current owner, the British company Liberty Steel, announced in May that it was looking for a buyer because of the financial difficulties encountered by his boss, the tycoon Sanjeev Gupta.
The Paris commercial court on Monday validated the takeover offer of the German steel group Saarstahl relating to the ailing French sites of Ascoval and Hayange, corroborating sources indicate. "The conciliation agreement has been approved by the Paris commercial court," said a spokesperson for Saarstahl. "We are delighted, it is a great satisfaction to be part of the Saarstahl group, which is nevertheless a heavy industrial group. We are almost certain that this will ensure the sustainability of the sites," Gérard told AFP. Glas, president of Liberty Rail Hayange (Moselle), specifying that the deeds of sale will not be signed before Wednesday.
For Nacim Bardi, CGT delegate from Ascoval (North), this decision is a "relief".
"We are very happy to be taken over by a European who knows the trade, who has in-depth experience in steel, in metallurgy, they are real industrialists. Now it's up to us to do the work and up to them to hold their own. commitments ".
"We hope that being taken over by such a group, of this size, will allow us a certain stability, a steel group that is interested in us is a godsend", added Nicolas Lethellier, also CGT delegate of Ascoval .
Sanjeev Gupta's financial difficulties
The German steel group Saarstahl confirmed on July 2 the conclusion of an agreement in principle for the takeover of these two sites.
In May, Liberty Steel, owner for less than a year of the Ascoval steelworks in Saint-Saulve (North) and the Hayange rail plant (Moselle), announced that it was looking for buyers, due to financial difficulties. met by his boss, the British magnate Sanjeev Gupta, and his family holding company GFG Alliance.
The group has been desperate for funds since the bankruptcy in March of financial firm Greensill Capital, its main creditor.
"One of the most modern steelworks in Europe"
With 270 employees, Ascoval produces "blooms" (steel bars) for Hayange (430 employees), which manufactures steel rails then intended for the main European rail networks, in particular SNCF Réseau and RATP. Three groups, Saarstahl, ArcelorMittal and Beltrame had originally presented takeover offers, during a procedure managed by conciliator Marc Sénéchal. Founded in 1975, Ascoval presents itself, after 150 million investments in recent years, as "one of the most modern and ecological steelworks in Europe".