The move, the latest in Oberthur's aggressive stance towards De La Rue, which culminated last year in an ill-fated takeover bid, sent De La Rue shares down 24p to below 800p when it was announced on Wednesday (1 June).

Hussey spent more than 25 years at De La Rue, departing in August of last year in the wake of production problems at its Overton, Hampshire mill, which produces banknote paper.

Oberthur chairman Jean Pierre Avare said: "We are absolutely delighted to welcome someone of James’s ability and depth of experience to work with us. His detailed understanding of the market and long-standing relationships across the industry will be invaluable to Oberthur as we seek to continue to grow our banknote and security printing business."

However, the company was quick to note that the appointment did not signify a renewal of interest in acquiring De La Rue - the company is banned from making further bids for six months until after 7 August 2011.

"Furthermore, following press and analysts’ speculations, we want to clarify, without any reservation, that we have no intention of making an offer for De La Rue plc," added Avare.