French transport group Geodis will not make a bid to take over loss-making insolvent parcelsoperator Sernam.
The SNCF logistics subsidiary had indicated that it was interested in acquiring Sernam,formerly owned by SNCF, in a move to consolidate the French transport sector. This would have savedabout 1,000 of 1,600 jobs at Sernam, according to French media.
But Geodis said it had decided against making a bid for some of Sernam’s activities, severalFrench media reported. The decision was based on “uncertainties” over how competition authoritieswould decide on former state aid payments made by SNCF to Sernam until 2005 when it still owned thecompany, according to a spokesperson.
In response to the news, the CFDT union called on the French government to “take fullresponsibility” for the fate of the company, including taking up its case in Brussels in connectionwith the ongoing state aid case.
Transport minister Thierry Mariani announced that he would travel to Brussels “in the nextfew days” in order to “assure all potential investors about the exact nature of legal risksconnected to the acquisition of Sernam”. He stressed that the government was working to try toretain as many of the 1,600 jobs at Sernam as possible.
In January Sernam was put into receivership after declaring bankruptcy and was given sixmonths to find a buyer. CEO Philippe Chevalier said the company was in talks with several potentialinvestors and in advanced negotiations with two companies. Apart from Geodis, private equity firmCaravelle, owner of competitors Ducros Express and Mory, has been mentioned as a possible buyer.
Sernam had an operating loss of €15 million on revenues of €300 million in 2010 following a€20 million loss on sales of €329 million in 2009, according to French media.
