French government chooses Butler Ca

The French government has announced its plans to sell a 38% stake in the heavily loss-making state-owned SNCM ferry company to Butler Capital Partners (BCP). The large industrial group Veolia will take a 28% interest, while the State and employees will keep a 34% shareholding. BCP has said it will reorganise the shipping line, which carries 1.25 million passengers a year between Marseille and Corsica. A possible 400 job losses could be envisaged out of its 2,400-strong workforce. Despite receiving EUR 70m from the state each year to maintain the territorial link between Corsica and France, the line loses around EUR 20m annually. The plans to privatise SNCM provoked violent clashes between 1,000 CGT trade unionists and nationalists and 200 riot police in CorsicaÂ’s port of Bastia at the end of September. A few days later, helicopters had to be deployed to restore order when sailors hijacked a cargo and passenger ferry run by SNCM.

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• Topics
• France
• Industrials