Who Owns Eramet Company?

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Who Owns Eramet Company?

Understanding Eramet's ownership is key to grasping its strategic direction and corporate influence. A recent leadership change in May 2025, with Christel Bories moving to Chair and Paulo Castellari becoming CEO, highlights this evolution.

Founded in 1880 as Société Le Nickel, Eramet has grown into a global mining and metallurgy leader. It plays a vital role in supplying manganese and nickel, essential for industries like aerospace and automotive, and its Eramet PESTEL Analysis provides further context on its operating environment.

Eramet's origins trace back to the founding of Société Le Nickel (SLN) on May 18, 1880, in New Caledonia, established for nickel mining. While the Rothschild family provided crucial funding in 1880 and discreetly took full control by 1890, the co-founders of SLN were John Higginson, Henry Marbeau, and Jules Garnier. Jules Garnier, an engineer, notably discovered the nickel ore in New Caledonia in 1864, laying the groundwork for the company's primary activity.

Founding of SLN

Société Le Nickel (SLN) was founded on May 18, 1880, in New Caledonia. Its primary purpose was nickel mining.

Key Co-founders

The initial co-founders of SLN were John Higginson, Henry Marbeau, and Jules Garnier. Garnier was instrumental in discovering the nickel ore.

Rothschild Family's Role

The Rothschild family provided essential financial backing in 1880. They subsequently secured full control of the company by 1890.

Jules Garnier's Discovery

Engineer Jules Garnier discovered the nickel ore in New Caledonia in 1864. This discovery was foundational to the company's operations.

Early Ownership Structure

Specific equity splits for the individual founders at inception are not publicly detailed. However, the Rothschild family's financial influence was paramount.

Strategic Direction

The Rothschild family's early control shaped the company's strategic direction. The initial vision focused on exploiting New Caledonia's nickel deposits.

The specific equity splits or shareholding percentages for the individual founders at the company’s inception are not publicly detailed for such an early period. However, the Rothschild family's significant financial backing and subsequent full control by 1890 underscore their pivotal role as early shapers of the company's ownership and strategic direction. The initial vision was firmly rooted in exploiting New Caledonia's rich nickel deposits, establishing a foundation that continues to influence Eramet's operations today. Understanding this early ownership history is crucial for grasping the company's long-term trajectory and Revenue Streams & Business Model of Eramet.

Founders and Early Financial Backing

The establishment of Société Le Nickel (SLN) in 1880 marked the beginning of Eramet's journey. The Rothschild family's financial intervention was critical to its inception.

• Founding date: May 18, 1880
• Initial focus: Nickel mining in New Caledonia
• Key financier: Rothschild family
• Rothschild family control: Achieved by 1890

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Eramet's ownership journey began in 1880 as Société Le Nickel (SLN), with the Rothschild family assuming full control by 1890. A pivotal moment arrived in 2003 with its Initial Public Offering (IPO) on Euronext Paris, raising approximately €600 million and significantly boosting its global presence.

The current Eramet ownership structure reflects a dynamic interplay between historical family influence, significant state backing, and a growing base of institutional and public investors. The Duval Family, through its entities Sorame and Compagnie d'Études Industrielles du Rouvray (CEIR), maintains the largest shareholding at 37.08%. The French Government, represented by FSI-Equation (a subsidiary of Bpifrance) and the Agence des Participations de l'État (APE), holds a substantial 27.13% stake, underscoring a strategic interest in key industrial sectors. The Société Territoriale Calédonienne de Participation Industrielle (STCPI), acting on behalf of the provinces of New Caledonia, possesses 4.034% of Eramet's capital and a significant 34% interest in its subsidiary, SLN. Institutional investors collectively account for approximately 10.5% of the ownership, with private companies and the general public holding around 11.2% and 22.3% respectively. This intricate ownership breakdown highlights a balance between private enterprise and national strategic objectives, influencing the company's governance and long-term direction, which is further detailed in our analysis of the Target Market of Eramet.

Key Eramet Stakeholders

Understanding Eramet's ownership is crucial for grasping its strategic decisions and market positioning.

• The Duval Family is the largest shareholder, holding a 37.08% stake.
• The French Government, through Bpifrance and APE, is a significant owner with 27.13%.
• STCPI represents New Caledonia's provinces, holding 4.034% of Eramet.
• Institutional investors and the public comprise a notable portion of the remaining shares.

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As of May 2025, Eramet's Board of Directors consists of 18 members, with a notable representation of 7 independent members and 7 women, making up 44% of the board excluding employee representatives. A significant governance shift occurred on May 26, 2025, separating the Chair and Chief Executive Officer roles. Christel Bories, formerly Chair and CEO, now serves solely as Chair of the Board, with Paulo Castellari appointed as the new Chief Executive Officer.

Recent board activities in May 2025 included the confirmation of Mr. Tanguy Guillaume Gahouma-Békalé as a director and the renewal of terms for Ms. Solenne Lepage, Ms. Christine Coignard, and Mr. Tanguy Guillaume Gahouma-Békalé for four-year periods. Eramet's voting structure incorporates double voting rights for registered shares meeting specific criteria, a rule in place since January 1, 2002. Furthermore, a shareholders' agreement between the Duval family (Sorame and CEIR) and the French State (APE, via FSI Equation) influences voting power, particularly concerning joint proposals for a lead independent director when the Chair and CEO roles were combined. This framework aims to balance historical family influence with state strategic interests in critical decisions.

Eramet's Shareholding Dynamics

Understanding Eramet ownership involves recognizing the influence of key shareholder agreements. These agreements shape the company's strategic direction and board composition.

• The Duval family and the French State hold significant voting power through a shareholders' agreement.
• Double voting rights apply to registered shares meeting specific holding periods.
• Recent board appointments reflect a commitment to diverse representation and governance best practices.
• The separation of Chair and CEO roles signifies a move towards enhanced board oversight.

The intricate ownership structure of Eramet is influenced by a shareholders' agreement involving the Duval family, represented by Sorame and CEIR, and the French State, acting through APE and FSI Equation. This agreement specifically addresses joint proposals for a lead independent director, particularly during periods when the Chair and CEO roles were unified. This arrangement highlights a strategic alignment between private and state interests in guiding the company's direction. The Growth Strategy of Eramet is therefore closely tied to the stability and alignment of these major stakeholders. The company's voting power is further shaped by its policy of granting double voting rights to registered shares that have been continuously held for a specified duration, a practice established on January 1, 2002. This dual mechanism ensures that long-term committed shareholders have a proportionally greater say in corporate decisions, contributing to a stable Eramet company ownership breakdown.

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Over the past three to five years, Eramet's ownership structure has seen notable shifts, particularly with a governance realignment in May 2025. This period has also been marked by significant financial maneuvers and strategic adjustments in response to market dynamics and the evolving landscape of critical minerals.

Eramet's financial performance in 2024, excluding the impact of SLN, showed an adjusted turnover of €3,377 million and an adjusted EBITDA of €814 million, resulting in a positive net income, Group share, of €144 million. The company anticipates an unstable market environment for 2025, maintaining a strategic focus on operational efficiency and cost management.

Governance Evolution

In May 2025, Eramet separated its Chair and CEO positions. Christel Bories continues as Chair, while Paulo Castellari assumes the CEO role, aiming to bolster strategic transformation.

Financial Restructuring and Asset Focus

Significant state support was provided to SLN, neutralizing its financial burden. Eramet also consolidated its position in lithium by regaining full ownership of its Centenario assets.

Strategic Market Adjustments

The company withdrew from a major Indonesian refinery project due to market volatility. Eramet also participated in a competitive bidding process for a Chilean lithium project.

2024 Financial Snapshot

Excluding SLN, Eramet reported an adjusted turnover of €3,377 million and an adjusted EBITDA of €814 million in 2024. The company achieved a net income of €144 million.

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