Geodis is poised to take over insolvent rival Sernam which has been ordered to repay a massive€642 million in illegal state aid payments.
Geodis Calberson, together with its partly-owned associate BMV, made two linked bids for Sernamby last Friday’s deadline for offers, which were dependent on the outcome of the EuropeanCommission’s probe into the company. They were the only bids for the company.
Geodis CEO Pierre Blayau told French media that Geodis planned to take over some 850 jobs out ofthe total 1,600 staff at Sernam but he stressed that his company wanted to be sure it would not beresponsible for repaying any state aid.
The European Commission announced on Friday that Sernam would have to repay a total of €642million in illegal state aid. This comprised an initial sum of €41 million from 2004, which had notbeen repaid, a further €503 million in state payments in 2005 when the company was sold off fromSNCF to private owners, and additional interest payments.
In response, the French transport ministry stated that “the French authorities do not share theCommission’s analysis” and would consider an appeal. It added that “the French authorities want thecandidates (to take over Sernam) to gain confirmation very quickly from the European Commissionthat its decision does not carry any consequence for the potential buyers”.
Sernam CEO Philippe Chevalier said the French government had acted to ensure that the offerscould be made without the potential investors having to bear the risk of financing any repaymentsin future. Their offers would first be confirmed once Brussels had reviewed them.
The company would now enter detailed discussions with the bidders over the next few weeks inorder to achieve a final agreement, he added. This would then be reviewed by the Nanterreadministrational court, which has legal powers over the insolvent company, at the end of March orearly April.
Meanwhile, union representatives from Sernam are due to meet transport minister Thierry Marianitomorrow.
Sernam, 80% owned by Butler Capital Partners and with revenues of €298 million in 2011, wasdeclared insolvent at the start of this year and given six months to find a buyer. It hasbeen loss-making for several years.
