French companies shocked by Gabon coup: Big drop in stocks

Shares of three major French companies operating in Gabon are trading sharply on the Paris Stock Exchange after news of a military coup in the African country, and Italy’s announcement of non-military intervention could portend things to come amid the threat of a serious economic downturn in France.

Shares in Maurel & Prom, Eramet and Gabonese subsidiary TotalEnergies fell 15-20%, according to French financial newspaper Les Echos.

#Gabon: les activités du groupe minier français #Eramet «mises à l'arrêt»https://t.co/3OhEmgjmZW

— Les Ecologistes🏔️Auvergne Rhône Alpes (@Ecologistesaura) August 30, 2023

Earlier, the mining company Eramet announced the suspension of its activities, as well as rail transport in Gabon.

For its part, TotalEnergies stated that its top priority is “ensuring the safety of its employees and operations” in Gabon.

https://rua.gr/news/european-news/57366-v-gabone-voennyj-perevorot-o-nem-obyavili-predstaviteli-raznykh-silovykh-struktur.html

Early this morning, a group of senior Gabonese army officers went on national television announcing a seizure of power, shortly after the election results that saw incumbent Ali Bongo win a third term with 64.27% of the vote.

Coup d'état au Gabon
Le général Brice Oligui Nguema, patron de la garde républicaine , est l’homme fort du coup d’Etat contre Ali Bongo pic.twitter.com/RAB4NcEHzP

— TOGO PLUS (@TogoPlus1) August 30, 2023

The coup was announced by representatives of various power structures, accusing the leadership of Gabon of “irresponsible and unpredictable management, which threatens to plunge the country into chaos.”

In the capital of the country, Libreville, automatic bursts were heard, reports about the closure of state borders. At the same time, the military does not renounce Gabon’s international obligations.

The family of the current President of Gabon has been in power for 56 years. From 1967 to 2009, the president of the country was the father of the current head of state.

Oil rise

Oil prices edged up slightly as the Gabon upheaval reminded the market of geopolitical risks weighing on supply, while early statistics in the US showed declining inventories.

On August 30, a barrel of North Sea Brent rose by 0.67% to $86.06, and a barrel of West Texas – by 0.80% to $81.81.

[…] Si le Gabon est "un producteur mineur de l'Opep" avec une production d'environ 200.000 barils par jour, "cela rappelle (que) le risque géopolitique sur le marché pétrolier" existe toujours, poursuivent les analystes de DNB. https://t.co/mULvOlG2kX

— inv3stir (@inv3stir) August 30, 2023

Ali Bongo, who has ruled Gabon for 14 years, is forced to fight many battles to retain the power inherited from his father, and is now facing a coup aimed at overthrowing the 55-year-old dynasty.

Hours after a military group announced the liquidation of all the country’s institutions on Gabon 24, which is headquartered in the presidential administration building, Bongo, 64, is under house arrest with his family and doctors, coup leaders said. .

The military, which is part of the Commission for the Transition and Institutional Recovery, dispute this result and accuse the ousted president, in particular, of “high treason”.

However, the presence of a significant military presence in the country, combined with statements by the Italian Foreign Minister, may portend developments in the country and in the region.

“Italy remains committed to a diplomatic solution to the crisis in Niger and the recent crisis in Gabon, in close coordination with its partners.“, – said in a statement the head of Italian diplomacy Antonio Tajani.

“It is very important that European countries maintain a complete unity of purpose in the search for a peaceful solution that will ensure peace and stability in the entire Sahel region,” he added before leaving for Toledo (Spain), where an informal meeting of the ministers of defense and foreign affairs of the countries is taking place. EU.

🇬🇦 Bryce Fens Eligo Ngoma, the leader of the Republican Guard, came to the streets of the capital hours after the removal of Ali Bongo from the presidency of Gabon and was inspected by the military. The interesting thing about Gabon is that France demanded the recognition of the… pic.twitter.com/X2OX9c95H9

— S p r i n t e r F a c t o r y (@Sprinterfactory) August 30, 2023

While France, a former colonial power, supports the countries of the Economic Community of West African States (ECOWAS or Cedeao), some of whose members are in favor of military action against the putschists after the July 26 coup in Niger, Rome is against it.

“Europe cannot allow an armed confrontation, we must not look like new colonialists,” – said in early August Tajani, who is also vice-president of the Italian government. “We must postpone the choice in favor of war as long as possible.”

“Italians are not looked down upon by the people of Niger, nor by those who carried out the coup”he said, as anti-French demonstrations frequently take place in the capital, Niamey.

France can also be helped by deposed Gabonese President Ali Bongo Odiba, who was placed under house arrest by the military that overthrew him in today’s coup, calling on “all” of his “friends” to “make a fuss” in a video posted on social media.

In the video, the time and place of which it was not possible to establish, he sits in a chair and says that he is in his “residence”.

🇬🇦 Placed under house arrest, Gabon President Ali ben Bongo Ondimba called on "friends" around the world to raise a fuss after the military's announcement of a power grab.

Ondimba confirmed that he was at his residence ( the military reported that he was under house arrest ),… pic.twitter.com/hJPRw6wyNT

— S p r i n t e r F a c t o r y (@Sprinterfactory) August 30, 2023

Clearly disturbed, he speaks in English: “I’m Ali Bongo Odiba, President of Gabon” “I’m sending a message to all our friends around the world to raise a fuss” about “the people who arrested me and my family“.

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