Lescure questions state aid for Fibre Excellence takeover

Paris – 23 July 2026: Economy Minister Roland Lescure has sharply criticized the takeover bid submitted by investor Matthieu Pigasse for pulp producer Fibre Excellence. In connection with a government question session in the National Assembly, the minister stated that rescuing the company must not be politically exploited at the expense of its employees. According to Lescure, state support requires a robust business plan and an adequate equity contribution from the buyer.

Fibre Excellence has been in court-supervised restructuring proceedings since the end of April 2026. The company operates plants in Saint-Gaudens, in the Haute-Garonne department, and in Tarascon, in the Bouches-du-Rhone department. Both sites account for a significant share of French pulp production. The economic future of the plants and numerous jobs therefore depends directly on the decision regarding their continued operation.

The bid submitted by Pigasse through his Combat Holding group will be reviewed by the Toulouse Commercial Court on 27 July 2026. On 6 July, the court postponed its deliberations to give the prospective buyer time to supplement its financing and rescue plan. According to previous reports, the offer is subject to conditions that also concern state arrangements for energy and timber supplies.

Lescure made clear that the state would not provide unlimited funds if a buyer did not assume an appropriate level of financial risk itself. He opposed the expectation that public money should offset the project’s key uncertainties. The government recognizes the industrial importance of the sites, but requires a viable plan for production, financing and employment.

The dispute is increasing pressure ahead of the court date. Representatives of the takeover project and trade unions had hoped, following the postponement, for technical adjustments by the state to keep both factories operating. However, the minister’s statements show that negotiations over possible state instruments have not yet led to an agreement. No final decision on the bid is currently known.

At the heart of the matter is the question of under what conditions a lasting industrial restart would be possible. In addition to the purchase price, the plants’ energy revenues, raw-material supply and investment financing are decisive. The case therefore combines insolvency law, industrial policy and regional economics. The regions of Occitanie and Provence-Alpes-Cote d’Azur, where the two production sites are located, would be particularly affected.

Until the hearing on 27 July, it remains unclear whether Pigasse will improve his offer or provide further financing commitments. For Fibre Excellence employees, the date is highly significant because it could determine the future of the two plants. Lescure’s criticism also increases the political pressure on all parties involved to present the court with a financially credible and long-term viable rescue plan.