A pedestrian walks as employees of the Fibre Excellence paper plant gather outside the factory to block the entrance, day and night, awaiting state safeguard measures to save the company in Saint Gaudens, south-western France on July 22, 2026. The takeover bid submitted by financier Matthieu Pigasse for the paper group Fibre Excellence, which is in judicial reorganisation, "is not up to par," France's Economy Minister said on July 21, 2026 during question time in the National Assembly. A financier known for his left-wing leanings, Mr. Pigasse filed a last-minute offer in early July with the commercial court to take over the paper group and its 660 employees. This offer is being made through his holding company, in partnership in particular with two funds managed by the Occitanie and Provence-Alpes-Côte d'Azur regions. (Photo by Lionel BONAVENTURE / AFP via Getty Images)