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Huge scrap firm diversifies

France's largest metal recycler has made a major diversification move with the acquisition of one of the nation's biggest service providers.

CFF, which crushes more than 5 million tonnes of ferrous and 500,000 tonnes of non-ferrous scrap each year, has finalised the takeover of Penauille Polyservices.

Penauille is the parent company of airport services operator Servisair and has a strong presence in providing cleaning, security and other non-core services.

CFF - formerly Compagnie FranÁaise des Ferrailles - said the deal represented a real opportunity to offset the cyclical nature of the scrap metal trade. It added it would allow the firm to position itself in growth business sectors over the next few years.

However, market analysts are largely sceptical of the move, arguing that CFF knows little or nothing about Penauille's activities.

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