Mosar made the statement following a joint meeting of the Parliamentary Commissions of Finance and Budget, Labour and Employment, and for Economic Affairs.
Last week, the government announced that the German SMS group was taking over the 40.8% that the Luxembourg state still held in the capital of the long-established company. These shares were divided between the State, the State Bank and Savings Fund (BCEE) and the National Association for Loans and Investment (SNCI). With 18.84%, the latter held the largest share. Mosar and his party would have liked the state to remain represented in the company through the SNCI.
"Unfortunately," Mosar explained, Minister of the Economy Franz Fayot informed the MPs that this is "not possible". Mosar stated that the CSV regrets this and would have preferred a "small Luxembourg presence" in the shareholding of Paul Wurth.
The SMS group, which had bought the shares of Arcelor and Luxempart in 2014, and which had since been a majority shareholder with 59.2%, did not want this, confirmed the Minister of Economy, who pointed out that the sales offer had not come from Luxembourg, but that SMS had approached the State two years ago.
There was "an industrial logic" behind it, Fayot explained, SMS did not want to have another public shareholder on its side. It was a vision and a strategy "to fully integrate Paul Wurth into the SMS group".
However, there is an agreement between the State and SMS, which stipulates, among other things, that no jobs will be cut, that Paul Wurth will build a new headquarters in Luxembourg, and that the State will continue to be represented on the board of Paul Wurth.
While the CSV welcomes this agreement, Mosar nevertheless stressed that the country's biggest opposition party remained sceptical.
The CSV hopes that "this shareholder, who now has sole say in the company", will respect their commitments and that Paul Wurth "will continue to be active in Luxembourg", Mosar added.
For an industrial location such as Luxembourg, it is important that the company, which is particularly strong in the development of green steel, remains present in the country, the MP concluded.
