The rumor had leaked in the press at the beginning of February. Today it is confirmed. Stanislas Lemor, CEO of Stef, took the opportunity of his group’s annual results to indicate that he is ” very close to finding a solution for the future for La Méridionale, which connects Marseille to Corsica, Algeria and Morocco by sea. She will be sold to CMA CGM, the Marseilles shipowner managed by Rodolphe Saadé, as the rumor said. Exclusive negotiations have been initiated. And they have made good progress. On Wednesday March 8, a memorandum of understanding was signed between Stef and CMA CGM. It remains to lift the conditions precedent, that is to say obtain the approval of the French and Moroccan competition authorities as well as the Corsican authorities delegating public service. Stanislas Lemor is hopeful of completing the operation by the end of the first half. No amount filtered. ” We could have mandated a bank to find the best financial solution, but above all we wanted to ensure a future for the 600 employees of La Méridionale.explains the leader. Joining a group like CMA CGM is a very good thing. The two companies know each other well. Their ties are historic. “ Jean Rousset, at the time president of La Méridionale, welcomed Jacques Saadé when he fled Lebanon, relate Stanislas Lemor. He sold CMA to him, which enabled Jacques Saadé to subsequently buy CGM. It therefore seemed natural to us to address them and only them. CMA CGM will have the heavy task of turning around La Méridionale, whose operating loss amounted to 11 million euros at the end of December, despite a turnover close to its 2018 level, at 104 million euros.
Stef tried everything, but the obstacles on the line with Tangier were too hard to overcome, between health restrictions, soaring fuel prices and difficulty in retaining passengers. The group had come to the end of its efforts. The sale of La Méridionale will therefore eliminate a source of losses and restore better visibility to Stef, whose historic activities can be hailed in 2022 in a context that is not very buoyant. The current operating margin only eroded by 40 basis points, to 4.7%, against 5.1% in 2021, demonstrating an ability to pass on cost increases in selling prices, even if this is not is not fully.