MA Steel's offer includes the takeover of Valdunes' assets, including its production sites at Trith-Saint-Léger in Valenciennes, and Leffrinckoucke in Dunkirk. The new company will retain Valdunes' 487 existing employees, and MG-Valdunes says it will provide the necessary investment required to modernise the company's industrial assets and to offer long-term sustainability for both its activities and sites.

MA Steel has also expressed its intention to create a worldwide rail products research and development centre within MG-Valdunes.

Valdunes was placed into receivership on April 3 in an effort to invite bids for the company by June, and CEO Mr Jérôme Duchange, describes the solution as an "excellent opportunity."

"Not only will it maintain Valdunes' activity and employment, it will also create conditions for its recovery and future development," he says.