Management interested to buy Sernam

According to a report of Transport Intelligence (TI), the French railway SNCF failed ingetting any outside bid for its loss-making express parcels subsidiary Sernam. The only bid

for Sernam came from a management buyout offer under the lead of managing directorPhilippe Chevalier. TI reports with reference to the railway company that this offer, which needsto be approved by the SNCF board, would enable the express parcels firm to continue its businessactivities and safeguard jobs. Chevalier, who is also head of the French freightforwarder and Sernam cooperation partner SetCargo,  took over responsibility at Sernam inJanuary 2005. SNCF tried to restructure Sernam for several year before thedecision to sell the company was taken. Following the buyout Sernam will try tocompete as an independent multimodal operator. No acquisition price has been disclosed.