Restructuring events
European Restructuring Monitor (ERM)
The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
NUMAST, the British seamans union has accused the Office of Fair Trading of causing more than 300 British seafarer job losses. The Union says the OFT's decision to refer the proposed sale of P&O's Portsmouth-Le Havre ferry services to Brittany Ferries to the Competition Commission has helped to scupper the deal. Brittany told P&O the main reason for the change of heart was its view as to future commercial prospects for the route. Under the terms of the proposed transaction, Brittany Ferries would have sub-chartered the Pride of Portsmouth and Pride of Le Havre and taken on the P&O staff.
The deal had been under consideration by the UK competition authorities since October 2004.
The Office of Fair Trading did not rubber-stamp the plan because it said it would give Brittany Ferries control of more than 70% of the ferry crossings on the Western Channel. P&O said it intends to close the route at the end of September 2005.
Eurofound (2005), P&O Ferries, Closure in United Kingdom, factsheet number 61223, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/61223.