The State renewed the assault on the record Pechiney
For the government, the record Pechiney has never really been completed. Les Echos on Tuesday unveiled the details of this future recovery in hand, already mentioned several times. Thus, the Strategic Investment Fund (ISP) plans to take 10% stake in this company called Alcan Engineered Products (Alcan EP) since its acquisition by Canada of the same name. This entry would be alongside the U.S. investment fund Apollo would take 51% stake. The remaining 39% remain in the hands of current owner, Rio Tinto, which acquired Alcan in 2007.
Apollo and the ISP should take control of Pechiney plants producing aluminum, which represents approximately 70 sites and over 11,000 employees including 5,000 in France. Negotiations should poursuivrent few weeks for a signed agreement in April.This new organization would be in place end June
Create a champion of aluminum
The aluminum activities hitherto neglected by Rio Tinto. In 2009, Alcan EP saw its sales drop 39% payday loans. Eventually, Rio Tinto could even get out of this business by selling its entire remaining stake in Apollo, or via an IPO.
Meanwhile, the government has high ambitions for Alcan EP. With investments of ISP, the state wants to make it a leading French, European and even global aluminum. A goal goes through restructuring. Negotiations are already underway on some sites and departures are expected in Saint-Florentin (Yonne) or New Breisach (Haut-Rhin) Voreppe (Is?re) or Issoire (Puy-de-Dome). In total, several hundred jobs would be in the spotlight.But the proposed takeover would be based on a commitment to maintain the sites.
In addition, acquisitions outside Europe are also on the menu. The headquarters would be based in France. This new scheme does not exclude a future introduction of the group at the Paris Stock Exchange under the name of Pechiney.
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