Dreyfus out

French shipowner Louis Dreyfus’s LD Lines has pulled out of the race to take over struggling compatriot SeaFrance.

LD said: “The uncertainty as to the real intentions of the seller has prompted LD Lines to withdraw its offer.

“The short time-frame necessary to complete such a transaction is no longer achievable.”

Union opposition was also cited as a reason for the pull-out.

The move would have given the western Channel operator a foothold in the Dover to Calais market.

Now rival Brittany Ferries looks in the clear to buy SeaFrance, after offering EUR 62m ($80.53m) this week and forming a joint venture to own the company with SeaFrance’s major shareholder SNCF.

But the offer will still involve the loss of 400 jobs, French media reported, rather than the 650 job losses (40% of the workforce) envisioned by SeaFrance when it announced it would have to restructure because of the economic downturn earlier this year.

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