Fibre Excellence Takeover Bid by Matthieu Pigasse Rejected by French Court

The Toulouse commercial court on Monday rejected a takeover bid submitted by financier Matthieu Pigasse for Fibre Excellence, France's leading producer of paper pulp.

Pigasse's proposal included retaining the group's 670 employees but was conditional on government support for several strategic issues, including electricity costs, wood supply from the National Forestry Office (ONF), and carbon quotas. In the absence of commitments from the French government on these matters, the court rejected the offer.

Fibre Excellence has been under court-ordered administration since the end of April following a severe financial crisis triggered by the withdrawal of its Indonesian shareholder, Jackson Wijaya. The shareholder had invested nearly €300 million in the company before ending its financial support.

The group operates France's last two major pulp mills, located in Saint-Gaudens, Haute-Garonne, and Tarascon, Bouches-du-Rhône.

According to the lawyer representing the company's works council (CSE), an industrialist whose identity has not been disclosed has expressed interest in acquiring one of the group's two production sites. The terms and scope of any potential offer have not been made public.

Meanwhile, employees continue to mobilise at both manufacturing sites. For several days, workers at the Saint-Gaudens and Tarascon facilities, supported by the CGT union, have occupied the sites amid concerns that the company could face liquidation.

Employee representatives have warned that the closure of Fibre Excellence would have significant economic and social consequences for the surrounding regions, where industrial employment opportunities remain limited.