Kühne & Nagel reported interested in Sernam
Kühne & Nagel is interested in acquiring loss-making French parcels and cargo company Sernam, according to a recent report in Les Echos newspaper.
The Swiss-based group wants to build up a land transport network in France and has held talks to take over the former SNCF parcels subsidiary, which was sold to private investor Butler Capital Partners at the start of 2007. Sernam has a network of 50 depots across France.
According to Les Echos, KN would take over the 48.2% stake held by managing director Philippe Chevalier, while Butler Capital Partners would retain its 51.8% majority holding.
Sernam succeeded in reducing its losses last year to EUR 13 million from EUR 23 million in 2006 on revenues of EUR 368 million. The newspaper cited a source as saying the company is now virtually debt-free, and was expected to break even this year and move into profit in 2009.
Kühne & Nagel declined to comment on the report, which it described as a “rumour”. But Les Echos pointed out that the Swiss group was known to want to extend its European land transport network.
