The Commercial Court of Toulouse has rejected the proposed takeover of Fibre Excellence, leaving the future of France’s last producer of market kraft pulp hanging in the balance. The ruling represents a major setback for the French pulp industry after the acquisition proposal led by investor Matthieu Pigasse, through Combat Holding, failed to obtain the necessary financial support from the French government.
Court rejects acquisition proposal
The court dismissed the comprehensive takeover bid despite support from trade unions and regional authorities in the Occitanie and Provence-Alpes-Côte d’Azur regions. According to reports, the French Ministry of Economy considered the financial guarantees underpinning the offer insufficient, preventing approval of the transaction.
The decision leaves Fibre Excellence without an approved buyer and creates significant uncertainty for both of its production sites.
Saint-Gaudens granted temporary extension
The court granted the Saint-Gaudens pulp mill in Haute-Garonne a temporary reprieve, allowing operations to continue until the end of August 2026. The additional time is intended to provide an opportunity for an alternative industrial solution or a new investor to emerge before the site faces possible closure.
Saint-Gaudens is considered a strategic asset for the French forest products industry and is the country’s last producer of market kraft pulp.
The situation is more critical for the Tarascon mill in the Bouches-du-Rhône department. With no approved takeover plan, the site now faces the immediate possibility of liquidation, placing hundreds of industrial jobs at risk while also threatening the regional forestry supply chain that depends on the mill. The uncertainty extends beyond the plant itself, affecting contractors, timber suppliers and transport companies operating throughout southern France.
Challenge for the French pulp industry
The court’s decision represents another setback for France’s pulp manufacturing sector at a time when European countries are seeking to strengthen domestic industrial capacity and strategic supply chains. The outcome raises concerns over the future of France’s market kraft pulp production and the country’s industrial sovereignty in a sector considered important for paper, packaging and tissue manufacturing.
Attention will now focus on whether a new investor or restructuring proposal can be secured before the temporary extension granted to the Saint-Gaudens mill expires at the end of August.
