Sncm should not repay the State

Paris - Transport Minister Frédéric Cuvillier said today in an interview with La Provence , the state does not seek reimbursement of nearly half a billion euros of aid requested by Brussels , saying that « it is a death sentence».

The European Commission noted Wednesday 440 million euros the amount of aid that the French State will recover from Sncm and decided to go to court to win the case , carrying a heavy blow to the shipping company difficulty.

«We will not let that lead to the disappearance of Sncm . We face a series of decisions that are related to a fury. Again, we will do everything not to lose Sncm . € 440 million , you can imagine It is a death sentence ! They will not take that risk » said the minister.

The first part of the Brussels decision concerns aid, amounting to 220 million , paid by the Territorial Community of Corsica and considered incompatible with European competition rules .

France has filed an appeal with the court of the Eu, but it has no suspensive effect. For the second part - 220 million other state aid in different forms in the context of the restructuring and privatization of the company, which had initially been accepted by Brussels aid - it will also engage legal action , says Mr Cuvillier .

«Everyone must have conscience that is inflicted on Sncm. What I still know is that she is healthy and can have a future. I defend the French flag. I do not forget those which are the source of these complaints» added the minister , referring to the main competitor Sncm , Corsica Ferries, whose vessels fly the Italian flag .

It also appeals to shareholders: «The State carries out its hand, they must therefore fill them - he judge, insisting - we must save the company». Capital Sncm is owned 66% by Transdev joint venture of public transport, giant water and waste Veolia and Caisse des Dépôts , 25 % state and 9% by employees.

Veolia and Caisse des Depots should have sealed later than October 31 an agreement which provided for the transfer of 66% stake Veolia Transdev . Veolia would thus become the new majority shareholder of the company, but the difficulties of Sncm have scuppered the deal .

The shipping company achieved in 2012 a turnover of about 300 million in 2012 to € 14 million in losses. The State Veolia and validated in June a plan for the elimination of over 500 positions to 2,600 people.