Anglo faces headwinds in keeping restructuring on track
Anglo has been forced to accelerate its restructuring after successfully holding off a bid from BHP, the world’s biggest miner.
French investment fund Ace Capital Partners has started exclusive talks with Eramet to buy the French metals and mining group’s Brown Europe business, the fund said on Thursday, confirming an earlier Reuters story.
“As a strategic player in the aerospace supply chain, we believe Brown Europe has significant growth potential through its strong expertise and unique position in Europe,” said Ace Capital CEO Guillaume Benhamou.
Brown Europe specialises in production of wires and bars in superalloys and stainless steels mainly for the aerospace market.
Eramet is selling the relatively small business, which has annual sales of about 20 million euros ($24 million), to focus more on upstream mining activities.
($1 = 0.8319 euros)
(By Sudip Kar-Gupta and Gus Trompiz; Editing by David Goodman)
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