Davis Polk & Wardwell LLP is advising ERAMET in connection with the agreement entered into with the Gabonese Republic relating to the increase of the Gabonese Republic shareholding in COMILOG, ERAMET's subsidiary specializing in manganese, which is to date 67.25% held by ERAMET and 25.4% held by the Gabonese Republic.

The agreement provides for the transfer by Eramet of shares representing up to 10% of COMILOG's share capital to the Gabonese Republic, which would bring the Gabonese State's stake up to 35.4% of COMILOG's capital.

The transaction is to take place in several steps between 2010 and 2015. The first step of this transaction is to be completed by the end of 2010, based on a €4.2 billion equity value for COMILOG.

ERAMET is a leading global producer of alloying metals, particularly manganese and nickel, used to improve the properties of steel and high-performance special steels and alloys used in industries such as aerospace, power generation and tooling. Headquartered in Paris, ERAMET is listed on the Euronext Paris market and employs approximately 15,000 people in 20 countries.

The Davis Polk deal team includes partners Georges Terrier and Arnaud Pérès, and associate Julie Herzog, all of the Paris office.