Eramet wants younger chairman for development

25th April 2007, Comments 0 comments

PARIS, April 25, 2007 (AFP) - The two leading shareholders in French nickel mining group Eramet have refused to reappoint chief executive Jacques Bacardats because of his age, Bacardats said on Wednesday as his current contract was expiring.

PARIS, April 25, 2007 (AFP) - The two leading shareholders in French nickel mining group Eramet have refused to reappoint chief executive Jacques Bacardats because of his age, Bacardats said on Wednesday as his current contract was expiring.

The two shareholders, the French state-controlled nuclear power group Areva and Sorame-Ceir representing the Duval family, control more than 60.0 percent of the capital.

Eramet said after a board of directors meeting Wednesday that Patrick Buffet, a member of Areva's supervisory board, had been named to replace Bacardats.

Bacardats, who will be 60 this year, told a general meeting of shareholders: "There have been several meetings between the two main shareholders and me. The result is that the two shareholders will not renew my mandate as a director and therefore my post as chairman."

The talks had been held on an amicable basis and he would be an adviser to the new chief executive, he said.

"The reason is that I will be 60 this year and will reach the normal retirement age in three or four years," he said.

"Our group has begun some long-term projects. Our shareholders take the view that these projects require management continuity and therefore a younger chief executive."

The decision must be ratified by the meeting of all shareholders but analysts said there was no chance that it would be rejected.

Areva holds 26 percent of the shares and Sorame-Ceir 37 percent. Eramet has substantial interests in New Caledonia, and also has a nickel project at Weda Bay in Indonesia.

The price of shares in Eramet was showing a slight gain of 0.02 percent to 168.03 euros. The overall French market as measured by the CAC 40 index had risen by 0.70 percent.


Copyright AFP

Subject: French news

0 Comments To This Article