SHARE
COPY LINK

BUSINESS

Bernard Tapie obituary: Tycoon, politician, actor, rogue

Larger-than-life French business mogul Bernard Tapie, who died on Sunday aged 78, was a symbol of the best and worst of high-rolling free market capitalism.

Bernard Tapie obituary: Tycoon, politician, actor, rogue
French tycoon Bernard Tapie gestures at Stade Velodrome in Marseille back in 1989. Photo: AFP

His swashbuckling career spanned business, sports, politics and the arts, but also scandal and prison.

Tapie, who revealed in 2017 that he had cancer of the stomach and oesophagus, made a vast fortune, lost it and then made it back again, only to end his life broke following a scandal which embroiled Christine Lagarde, now head of the European Central Bank.

“If there is one thing I know how to do, it is making dough,” the permanently tanned tycoon once boasted.

But in 2015 he was forced to admit: “I am ruined. I haven’t got a thing.”

Like many of his flamboyant declarations, it was to be taken with a pinch of salt — although he was indeed down to his last few mansions.

Corporate raider

Born in occupied Paris on January 26, 1943, Tapie’s beginnings were modest, selling televisions by day in working class Belleville while trying his hand as a crooner by night.

But he soon ditched the singing and amassed a small empire by the time he was 30 by taking over failing companies, scooping up 50 within a few years.

In 1990 he made headlines by buying the German sportswear giant Adidas — a purchase that would later come back to haunt him.

He flaunted his wealth, buying a vast Paris townhouse and a string of mansions on the French Riviera as well as a 72-metre (236-foot) yacht.

A sports fan with a boxer’s build, Tapie also used his fortune to buy a cycling team which twice won the Tour de France.

In 1986 he purchased one of France’s most-loved football clubs, Olympique de Marseille, guiding the team to five successive league triumphs and the 1993 Champions League title.

On the back of that success he forged a political career, winning election to the French parliament in 1989 and 1993 and becoming a European Parliament deputy in 1994 after briefly serving as a minister under President Francois Mitterrand.

Disgrace

But things began to unravel for the father of four as he faced a slew of legal woes, including charges of match-fixing during his time at Marseille.

The claims tainted the team’s Champions League victory — the only time a French club has won the trophy.

Players from a smaller club revealed they had accepted bribes to take it easy on Marseille in a match before their Champions League final.

Tapie served six months in prison in 1997 for his role in the scandal, part of it in solitary confinement.

The affair led to the collapse of his business empire, and he was declared bankrupt and banned from serving as a company director or in any public office.

Bouncing back

Friends and family described him as a broken man, but his old showbiz skill helped him bounce back and turn to acting, notably in a popular TV series in which he played — with no little irony — a police inspector.

And his lucky streak seemed to have returned in 2008 when a government arbitration panel accepted he had been the victim of fraud when he sold Adidas in 1993, ruling that the brand had been undervalued.

He was awarded a compensation payout of 404 million euros ($450 million), the size of which sent shockwaves through France.

Tapie repaid his debts and was able to buy France’s Hersant publishing group, a string of properties and another yacht, which he named “Reborn”.

But the case was appealed and in May 2017 a court ordered him to hand back the payout — and he was broke again.

The saga also ensnared Lagarde, who was France’s economy minister when the panel ruled in Tapie’s favour and was accused of poorly handling the matter.

After his cancer became public, Tapie declared he would “fight like he had always done”.

“The idea of dying, it does not bother me at all,” he told Le Monde newspaper. You would need to be “crazy not to be happy with my life.”

In July 2019 he was acquitted on charges of defrauding the state in the case of the controversial arbitration. However he was not yet out of the woods as a new case was brought against him.

That trial began in May with Tapie already gravely ill in hospital and prosecutors demanding a five-year sentence and a 300,000-euro fine. Judges had been due to hand down their verdict on October 6.

Member comments

Log in here to leave a comment.
Become a Member to leave a comment.

ENVIRONMENT

Sweden’s SSAB to build €4.5bn green steel plant in Luleå 

The Swedish steel giant SSAB has announced plans to build a new steel plant in Luleå for 52 billion kronor (€4.5 billion), with the new plant expected to produce 2.5 million tons of steel a year from 2028.

Sweden's SSAB to build €4.5bn green steel plant in Luleå 

“The transformation of Luleå is a major step on our journey to fossil-free steel production,” the company’s chief executive, Martin Lindqvist, said in a press release. “We will remove seven percent of Sweden’s carbon dioxide emissions, strengthen our competitiveness and secure jobs with the most cost-effective and sustainable sheet metal production in Europe.”

The new mini-mill, which is expected to start production at the end of 2028 and to hit full capacity in 2029, will include two electric arc furnaces, advanced secondary metallurgy, a direct strip rolling mill to produce SSABs specialty products, and a cold rolling complex to develop premium products for the transport industry.

It will be fed partly from hydrogen reduced iron ore produced at the HYBRIT joint venture in Gälliväre and partly with scrap steel. The company hopes to receive its environemntal permits by the end of 2024.

READ ALSO: 

The announcement comes just one week after SSAB revealed that it was seeking $500m in funding from the US government to develop a second HYBRIT manufacturing facility, using green hydrogen instead of fossil fuels to produce direct reduced iron and steel.

The company said it also hoped to expand capacity at SSAB’s steel mill in Montpelier, Iowa. 

The two new investment announcements strengthen the company’s claim to be the global pioneer in fossil-free steel.

It produced the world’s first sponge iron made with hydrogen instead of coke at its Hybrit pilot plant in Luleå in 2021. Gälliväre was chosen that same year as the site for the world’s first industrial scale plant using the technology. 

In 2023, SSAB announced it would transform its steel mill in Oxelösund to fossil-free production.

The company’s Raahe mill in Finland, which currently has new most advanced equipment, will be the last of the company’s big plants to shift away from blast furnaces. 

The steel industry currently produces 7 percent of the world’s carbon dioxide emissions, and shifting to hydrogen reduced steel and closing blast furnaces will reduce Sweden’s carbon emissions by 10 per cent and Finland’s by 7 per cent.

SHOW COMMENTS