Eramet: Won't Change Societe Le Nickel Capital Structure
Friday June 27th, 2008 / 13h00
PARIS -(Dow Jones)- French metals and mining group Eramet (ERA.FR) Friday said it doesn't plan to change the capital structure of its subsidiary Societe Le Nickel, despite pressure from New Caledonian shareholders in the unit to increase their SLN stake to a majority holding. New Caledonia, a group of islands in the Pacific ocean, is a French-overseas territory. "Eramet Group has absolutely no intention of modifying the capital structure of SLN, in which it holds a 56% stake and in which its partner Nisshin holds 10%." "These shareholding levels represent a satisfactory equilibrium and there are no plans to change them," the company said. The Societe Territoriale Caledonienne de Participation Industrielle, which holds a 34% stake in SLN, wants to become a majority shareholder in the unit in case Eramet changes hands. The STCPI represents shareholdings belonging to New Caledonian provinces. Earlier Friday, AFP reported that the STCPI decided at its general assembly to open talks with Eramet to take control of SLN by means of a share swap. Company Web site: www.eramet.fr -By Adam Mitchell, Dow Jones Newswires, +33 1 40171740; adam.mitchell@dowjones.com
