Matthieu Pigasse’s bid to rescue France’s last major pulp producer hinges on costly state aid, putting the future of Fibre Excellence and regional jobs at stake
Executive summary: Matthieu Pigasse submitted a takeover bid for Fibre Excellence, which is under judicial administration, and the Toulouse commercial court examined the offer on 27 July 2026. The deal’s success depends on state aid for electricity costs; without it, the plant may close, affecting regional employment and France’s domestic pulp supply.
Who is involved: Key parties are financier Matthieu Pigasse, Fibre Excellence management and workers, the Toulouse commercial court, and the French government’s economic ministries.
Likely next: The court is expected to rule within a week; the government will decide on state aid by mid‑August, and if approved, the takeover could close by September, otherwise liquidation proceedings may resume.
The Toulouse commercial court is reviewing Matthieu Pigasse’s offer to acquire Fibre Excellence, the country’s last large‑scale pulp manufacturer, which is currently in administration. The proposal is contingent on significant state subsidies for electricity purchases, a condition the French government has so far been reluctant to meet. If the offer is rejected, the plant in Saint‑Gaudens faces liquidation, threatening hundreds of jobs and the domestic supply of pulp for paper and energy production.
Timeline
- — Fibre Excellence: l’offre de Matthieu Pigasse examinée par le tribunal de commerce (Le Figaro — Économie)
- — Les salariés de Fibre Excellence occupent l’usine de Saint-Gaudens, suspendus à la décision du tribunal de commerce de Toulouse (Le Monde — Économie)
- — Fibre Excellence : ultime délai pour conforter le plan de sauvetage de Matthieu Pigasse (Le Monde — Économie)
- — Le banquier Matthieu Pigasse a déposé une offre de reprise du groupe papetier en difficulté Fibre Excellence (Le Figaro — Économie)
- — La patronne de la CGT appelle l'État à être «au rendez-vous» pour sauver Fibre Excellence (Le Figaro — Économie)
Analysis — what this means
Likely next events
- Toulouse commercial court to issue ruling on Pigasse’s offer by 3 August 2026.
- French Ministry of Economy to state its position on requested electricity subsidies by 15 August 2026.
- Fibre Excellence workers have announced a vote scheduled for 20 August 2026 to decide on a possible plant occupation if aid is denied.
- Under French commercial law, a liquidator must be appointed within ten days of a liquidation decision, which would follow a court rejection.
Sectors affected
- French pulp and paper manufacturing (Fibre Excellence)
- Occitanie regional economy (Saint‑Gaudens workforce)
- Biomass electricity generation from pulp waste
Regulatory implications
- State aid request must be notified to the European Commission under the EU Temporary Crisis and Transition Framework (TCTF), which permits aid up to €1.2 million per company for energy cost relief until 31 December 2026.
- Any aid exceeding the de minimis threshold of €200 000 over three fiscal years requires individual Commission approval.
- If the Commission finds the aid incompatible, France would be required to recover the granted amount plus interest under Article 108(2) TFEU.
Key entities
Sources
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