Baja closing in

Mexican ferry owner Baja Ferries is hoping to complete a takeover of France's SNCM before the end of 2014.
SNCM: deal closer

SNCM: deal closer

In a quote sure to alert French unions, the company said it wanted to lower labour costs.

Baja revealed in May it was in talks to buy a 66% stake from Transdev, owned by the state and Veolia, after Siem Offshore pulled out.

Oscar Ruano, director of Baja Ferries, told Reuters the company would concentrate on routes between Marseille, Corsica and north Africa, but could also expand to more ports in northern Africa, such as in Morocco.

Corsican line SNCM has amassed losses of EUR 250m ($340m) since 2011.

Baja Ferries has annual revenue of $160m, while SNCM could add $225m to that.

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