French parcel service on block
The French state railway company, Société Nationale des Chemins de Fer Français, said Wednesday, Nov. 24, it was inviting bids from logistics operators for wholly owned parcel delivery service Sernam SA. The Paris-based train operator said its 44%-owned logistics company, Géodis SA, intended to bid, and that accordingly, Géodis executive chairman Pierre Blayau was being suspended from the SNCF board. The auction is the latest step in the consolidation of European logistics businesses. The seller would not say which investment bank is organizing the auction. SNCF was emphatic that it aimed to find an industrial buyer rather than a private equity firm to acquire Sernam.
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