SNCM isn't saved yet, but the case is moving forward. Five buyers filed their takeover applications before 12.30 p.m. on 2 September.
The first offer comes from the Stef group, which owns the Corsican shipping subsidiary, La Méridionale, in association with the Baja Ferries group. The two groups have submitted a joint and non-separable offer: the logistics group will manage SNCM's Corsican activity and Daniel Berrebi, owner of the Mexican company, will take over the activities towards the Maghreb. However, the two men, even though they have submitted their offers together, are keeping two separate projects.
In its buyout plan, STEF wants to take over 535 employees and keep four of the seven vessels in the fleet for a total budget of ?10 million. For its part, Baja Ferries will manage the lines to Tunisia and Algeria for an overall takeover sum of 5 million euros. France Ferries would take over 191 employees and two vessels.
The second bid was submitted by the Corsican contractor group Corsica Maritima. The group, chaired by François Padrona, the head of the Leclerc brands in Corsica, wishes to lower the price of freight transport on links with the mainland. Made up of a dozen companies, the grouping would have a cumulative turnover of one billion euros.
The other two bids come from the shipowner Christian Garin and the Corsican contractor, Patrick Rocca. These proposals had however been refuted by the Commercial Court of Marseille last June, which found the takeover offers too low in relation to the 200 million euros of SNCM's assets.
From now on, the former director of the port of Marseilles proposes to keep one more ship than he had planned in his former proposal and would be supported by a mysterious world shipowner "having had or still having significant activity in the cruise and ferry industry." 421 million over four years, but does not provide details of its financing. Ferry de France (in the process of being set up) would take on 818 employees and 7 ships for an investment of 12 million euros.
Now it is up to the directors and the works council to evaluate the bids before the judges' deliberation, which will take place in October.
A good summer season for SNCM
In order to preserve the company's cash flow and ensure the sustainability of the takeover process, SNCM has implemented a new business strategy: to concentrate Corsica's links from Marseilles and strengthen links with the Maghreb.
Thanks to this new business model, the number of passengers on Maghreb routes has more than doubled. In Corsica, many crossings have taken place and SNCM has once again become the leading maritime freight carrier with the continent. The consequence? The accounts are recovering even though the year will end with losses, albeit reduced compared to previous years.
