For the former Ascommetal, the fourth judicial remedy they have gone through in eleven years is a long shot. These are the results of the trial held on Wednesday 12 November, in the commercial room of the Strasbourg court. It aims to examine in detail two takeover applications of the specialty steel group, which was renamed “NovAsco” by British turnaround fund Greybull, which rejected them in early summer, just a year after the takeover.
According to some observers, Europlasm’s offer is less convincing. Shell body manufacturer Landes wanted to take over four sites: Marais in Saint-Etienne, Custines (Meurthe-et-Moselle), Leffrinckoucke near Dunkirk (North) and Hagondange (Moselle), but retained only 75 of 441 jobs at the last site. This meant the end of the Moselle steel mill, which was equipped with electric furnaces, but was too expensive to renovate. And that’s from the big office of the parent company. “Their business plan is unclear. The funding is non-existent. The more we dig, the more we feel that we are headed for new problems with Europlasm. Their latest corporate takeover does not inspire confidence. We have given enough”disgruntled coward Yann Amadoro, secretary of the CGT social and economic (CSE) council.
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