Wendel, the private equity group, has started casting around for acquisitions, according to Frédéric Lemoine, its new chief executive, signalling a return to normality for the Paris-based group after a year of upheaval.

In his first interview with an English-language paper since replacing Jean-Bernard Lafonta, who resigned in April, Mr Lemoine said any acquisitions for the heavily indebted group would be "modest".