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.
The Maritime transport company Société nationale Corse Méditerranée (SNCM) has announced the dismissal of 583 employees in the context of its acquisition of SNCF. On 1 December 2015 the new owner, Patrick Rocca, signed a social plan with the representative unions in the framework of the take over of SNCF, formerly of the group Transdev. SNCM was placed in receivership from 28 November 2014. At the end of November 2015, the Commercial court of Marseille finally agreed the proposal of Patick Rocca to buy the company. The European Commission has also agreed not to claim the reimbursement by the new owner of the €440 million in illegal state aid received by the former SNCM. The dismissal letters were sent on 14 December. This take over is an important issue for the group Transdev as it gives the green light to become independent from the group Veolia which owns 50% of Transdev. The share will decrease to 40% and the Caisse des dépôts et consignations will obtain 60% of Transdev. Unions went on strike for 12 days to put pressure on the government and Transdev after the decision of the Commercial court.
Eurofound (2015), Société nationale Corse Méditerranée (SNCM), Merger/Acquisition in France, factsheet number 86025, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/86025.
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