Fibre Excellence: Dispute Over State Aid Ahead of Court Decision

Toulouse – 27/07/2026: In view of the anticipated decision on Fibre Excellence, the conflict over the future of France’s last producer of market pulp has intensified. Economy Minister Roland Lescure doubts the financial sustainability of the acquisition offer supported by Matthieu Pigasse. Carole Delga, president of the Occitanie region, meanwhile calls for job security and production capacity not to be jeopardized by political disputes.

Lescure sharply criticized the plan on July 21 in the National Assembly. According to his figures, the state mobilized more than 90 million euros for Fibre Excellence between 2021 and 2025 and outlined a further 100 million euros in the current restructuring proceedings. The offer would require additional state aid of more than 100 million euros, while the investor himself reportedly intends to contribute five million euros.

The minister therefore compared Pigasse to the Sheriff of Nottingham, who acts with other people’s money instead of distributing his own like Robin Hood. His criticism concerns the distribution of financial risk between the state and the private buyer. A buyer must present a sound business plan and make a substantial personal and financial commitment, Lescure said. According to his account, the offer has so far failed to meet these requirements.

Delga supports the project promoted by Pigasse’s company Combat Holding. The Socialist politician urged people not to get lost in unnecessary disputes. Union representatives and regional politicians have also spoken in favor of the acquisition. On July 6, the Toulouse Commercial Court granted a further extension until July 27 so that the outstanding conditions of the offer could be clarified.

Fibre Excellence operates pulp mills in Saint-Gaudens, in the Haute-Garonne department, and Tarascon, in the Bouches-du-Rhône department. Around 670 direct jobs are at stake. Since April 27, the company has been under court-supervised restructuring proceedings. Its industrial importance stems from its position as France’s last producer of market pulp, an intermediate product for paper, hygiene and packaging goods.

The disputes concern energy and raw-material costs in particular. The state refers to a guarantee for strategic projects, relief on public loans, reintegration into the European emissions trading system, and higher remuneration rates for biomass electricity. In addition, timber supplies from the state forestry agency Office national des forêts are expected to increase by more than 40 percent by 2027. Supporters of the offer believe that some commitments are still formulated insufficiently precisely.

The Commercial Court assesses the acquisition plan based on its economic viability and guarantees for the continuity of the business. The political dispute does not alter this jurisdiction. According to the government, state support already provided or envisaged totals around 300 million euros.