PARIS – Eramet SA's top shareholder, the Duval family, supports management strategy, including the planned sale of aeronautics supplier Aubert & Duval, it said in a statement after recently suggesting a change of leadership at the mining group.
The Duvals had written to the French state's APE shareholding vehicle, Eramet's second-largest shareholder, to suggest replacing chairwoman and CEO Christel Bories.
However, the French state opposes a leadership change, a source familiar with the matter told Reuters.
The Duvals did not refer to the letter but said in an emailed statement that "it is customary at the end of a four-year term that shareholders calmly conduct discussions about the governance and its possible evolution."
Appointed in 2017, Bories has shifted Eramet towards minerals for electric vehicles while also restructuring struggling activities including alloys maker Aubert & Duval and New Caledonian nickel producer SIN.
Her current mandate expires at Eramet's next annual shareholding meeting on May 28.
Resolutions for the annual meeting had been due to be discussed by the board on Thursday.
But Eramet said in a statement late on Tuesday that resolutions would now be studied at two subsequent board meetings on March 26 and 30.
The Duvals and APE, which has a 25.6% stake in Eramet, are tied by a shareholder pact.
"The Duval family supports the strategy position of the management," it added in the statement.
"Furthermore, contrary to what has been reported, the Duval family supports management in the steps taken to bring Aubert & Duval together with an industrial partner, which would be beneficial for both A&P and Eramet."
APE and Eramet declined to comment on the Duvals' statement.
The handling of A&P, the historic business of the Duval family hit by a slump in aviation, was cited by L'Agefi as one reason for the shareholder's dissatisfaction with Bories.
A&D's difficulties contributed to Eramet's net loss of 675 million euros ($803.05 million) for 2020.
However, investors welcomed its outlook calling for a rebound in core profits this year.