Sernam deal null and void
The French government has authorised SNCF to buy back, for a token €1, the 15% stake Geodis acquired in parcels firm Sernam 18 months ago.
The stake was the first stage in Geodis, whose main shareholder is also SNCF, taking majority control of Sernam from 2006 and ensuring its survival.
However, earlier this year, Geodis chairman Pierre Blayau said a decision by the EC to investigate payments made by the French government to Sernam had rendered his group’s memorandum of agreement on the shareholding null and void.
Geodis has indicated its willingness to restore the annulled deal in the event of a positive conclusion to the EC inquiry.
But some observers believe the inquiry has provided Geodis with a convenient get-out, with a turnaround at Sernam appearing as far away as ever.
Losses this year are expected to exceed €93m despite restructuring, a smaller workforce and market repositioning.
