Eramet SA, the Paris-listed global metals extraction, processing, and refining group, has announced the launch of a share capital increase with preferential subscription rights targeting gross proceeds of approximately €500 million. The rights issue, priced at €14.49 per new share, represents a discount of 42.94% to the theoretical ex-rights value and forms part of a broader Funding Plan aimed at strengthening the company's balance sheet. The French State, acting through the Agence des Participations de l'État, has committed to subscribe for approximately 64% of the issue, providing investors with a significant anchor commitment ahead of the subscription period opening on 18 November 2026.

Key Points

  • Eramet SA (0MGV), a leading global metals group listed on Euronext Paris (ISIN: FR0000131757)
  • Rights issue of approximately €500 million gross launched on 13 November 2026, with 34,506,054 new shares to be issued at €14.49 each
  • Subscription ratio of 6 new shares for every 5 existing shares; rights trade from 16 to 25 November 2026; settlement expected 4 December 2026
  • Investors should watch the subscription results announcement scheduled for 2 December 2026 and any update on bank covenant compliance

Eramet's €500 Million Rights Issue Terms and Subscription Mechanics

The rights issue will result in the issuance of 34,506,054 new shares at €14.49 each, comprising €3.05 in nominal value and €11.44 in issue premium per share. The subscription ratio is 6 new shares for every 5 existing shares held. Based on Eramet's closing price of €38.48 on 11 November 2026, the theoretical ex-rights value of the share is €25.39, and the theoretical value of one subscription right is €13.09. The subscription price reflects a discount of 62.34% to the 11 November 2026 closing price. Subscription rights will be detached on 16 November 2026, with the subscription period running from 18 to 27 November 2026.

French State Commits c. €322 Million Through APE as Anchor Subscriber

The Agence des Participations de l'État, acting through FSI-Equation and representing the French State, has committed to subscribe for approximately 64% of the rights issue, amounting to approximately €322 million. This includes the APE's pro-rata entitlement representing 27.1% of the existing share capital, plus the purchase and exercise of all subscription rights from fellow reference shareholder Sorame-CEIR at a 5% discount to their theoretical value. The announcement states that Sorame-CEIR will not subscribe to any new shares under its subscription commitment. The portion of the issue not covered by the APE commitment will be underwritten by a syndicate of banks.

Net Proceeds Earmarked for Debt Reduction and Bank Covenant Compliance

Eramet states the net proceeds from the rights issue will be allocated primarily to reducing the group's indebtedness. The company operates across manganese, nickel, mineral sands, and lithium — metals central to energy transition and industrial applications — and has operations across multiple international jurisdictions. The announcement states the transaction will also allow Eramet to ensure compliance with its bank covenants and support continued implementation of its broader Funding Plan, which was previously announced. The rights issue is open to the public in France only, including New Caledonia and French overseas departments and territories.

Key Dates: New Shares Admitted to Euronext Paris on 4 December 2026

New shares issued under the rights issue will rank pari passu with existing Eramet shares and will trade on the same listing line under ISIN FR0000131757 from their date of admission. Settlement and delivery of new shares is scheduled for 4 December 2026, with the results of subscriptions to be published on 2 December 2026. Any subscription rights not exercised by the close of trading on 27 November 2026 will automatically become null and void. Investors holding existing shares as of 13 November 2026, with their rights recorded by close of business on 17 November 2026, will receive one subscription right per share held.