Eramet to sell Aubert & Duval

The maker of fighter jet and submarine parts Aubert & Duval is to be sold by mining group Eramet to a consortium backed by Airbus and Safran.

The preliminary deal comes more than a year after mining group Eramet, launched a review of its loss-making specialist metal alloys business and entered talks with Airbus, jet engine maker Safran and Tikehau Ace Capital.

Eramet said that the provisional agreement, which the parties expect to finalise before the end of the year, gives the loss-making A&D business an enterprise value of €95 million.

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It marks a new step in the overhaul of Eramet which focuses primarily on mining and processing nickel and manganese for steel firms. The company has recently shifted focus to developing raw materials for electric vehicle batteries.

On Sunday, the French government, Eramet’s second-largest shareholder, paved the way for a sale by issuing a “golden share” related to certain A&D assets, which will be maintained following the transfer of control to new owners and give the government a final say on defence interests.

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