Investors interested in taking over loss-making insolvent French parcels firm Sernam have beengiven an extra week for their bids due to a European Commission probe into state payments to the
company nearly a decade ago.Brussels is investigating whether several hundred million euros paid by the French government tothe heavily loss-making company in the early 2000s when it was a subsidiary of state-owned railoperator SNCF count as state aid. French transport group Geodis said last week it would not make abid for the company due to “uncertainties” over the outcome of the Brussels probe.
In response, French transport minister Thierry Mariani met EU competition commissioner JoaquinAlmunia earlier this week in Brussels and was promised that the Commission would announce adecision on Sernam “about March 10”.
In response to this news, Geodis indicated that it might make a bid after all. Meanwhile, it hasalso emerged that a group of unnamed “industrial investors” is interested in the company, implyingthat there are at least two bidders for Sernam. The company’s legal administrator has announcedthat the deadline for bids would be extended to 17.00 on March 9, 2012.
In a message to customers, Sernam CEO Philippe Chevalier said the delay would enable potentialinvestors “to finalise their offers seriously” and thus also ensure the best takeover conditionsfor Sernam, its staff and customers.
In January Sernam was put into receivership after declaring bankruptcy and was given six monthsto find a buyer. CEO Philippe Chevalier said at the time that the company was in talks with severalpotential investors and in advanced negotiations with two companies. Apart from Geodis, privateequity firm Caravelle, owner of competitors Ducros Express and Mory, has been mentioned as apossible buyer.
Sernam had an operating loss of €15 million on revenues of €300 million in 2010 following a €20million loss on sales of €329 million in 2009, according to French media.
