France to become largest shareholder in mining company Eramet

This is a state-balance-sheet intervention in a critical-minerals producer, and the fact that Paris is stepping in via a rights issue rather than a bailout suggests Eramet's lenders wanted equity, not more debt. The sub-50% cap matters: it lets the state call the shots on strategy without triggering full nationalization, and the dividend freeze signals the repair is expected to take time. Watch whether other European governments follow with similar stakes in miners, and whether minority holders balk at the terms.