Financial investor Caravelle today beat off a rival private investor to take control of the bulkof loss-making French parcels and logistics group Mory, which is under legal administration, French
media reported.The administrative court at Bobigny, Paris, announced that Caravelle, owner of Ducros Express(formerly DHL Express France), had been selected ahead of Butler Capital Partners, owner of rivalparcels firm Sernam, as the winning bidder for Mory’s express parcel activities. The expressparcels service (‘Mory Team’) reportedly accounts for about 75% of the group’s €650 millionturnover.
Caravelle will take over Mory’s parcels and groupage business for a symbolic price of €1 andwill take over debts of €10 million, national newspaper Liberation reported. Caravelle plans todownsize and restructure the business, but retain about 2,800 of the 3,500 employees and keep it asa separate network along Ducros while seeking back-office synergies. The company had already wonthe support of the Mory works council for its bid. Ducros, with revenues of €300 million, is oncourse to return to profit at the end of 2012, Caravelle said in June.
In contrast, Butler Capital Partners had proposed a rapid merger with Sernam and about 700 joblosses. A merged Sernam-Mory would have restructured its network to achieve synergies and moreefficient operations. This option yesterday won the support of the CGT trade union.
Mory Team offers next-day express delivery by 13.00, a 24-48 hours parcel delivery service,pallets and groupage distribution services as well as LTL and FTL freight trucking.
Meanwhile, ID Logistics beat off transport giants Geodis and Norbert Dentressangle to take overMory’s smaller trucking and logistics activities for a symbolic price of €2, according toLiberation.
