Lescure questions state aid for the acquisition of Fibre Excellence

Paris – 23 July 2026: Economy Minister Roland Lescure sharply criticized investor Matthieu Pigasse‘s takeover bid for pulp producer Fibre Excellence. During a government question session in the National Assembly, the minister said that the company’s rescue must not be politically exploited at the expense of employees. State support requires, in his view, a solid business plan and an appropriate equity contribution from the buyer.

Fibre Excellence has been under judicial 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-Rhône 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 the continuation of operations.

The bid submitted by Pigasse through his Combat Holding group will be examined on 27 July 2026 before the commercial court in Toulouse. The court postponed the review on 6 July to give him time to complete his financing and rescue plan. According to available information, the bid is tied to conditions that also concern state arrangements regarding energy and timber supplies.

Lescure made clear that the state will not provide unlimited resources if a buyer does not assume an adequate financial risk himself. He thus opposed the expectation that public funds should offset the project’s main uncertainties. The government recognizes the industrial importance of the sites, but requires a sustainable plan for production, financing and employment.

The dispute increases pressure ahead of the hearing. Following the postponement, representatives of the takeover project and trade unions had hoped for technical adjustments by the state to continue operating both plants. However, the minister’s statements show that negotiations on possible state instruments have not yet led to an agreement. No final decision on the bid is known so far.

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

Until the hearing on 27 July, it remains to be seen whether Pigasse will improve his bid or present further financing commitments. For Fibre Excellence employees, the date is of great importance because it may determine the prospects of the two plants. Lescure’s criticism also increases political pressure on all parties involved to present the court with a financially credible and viable long-term rescue plan.