JUSTICE CONFIRMS THE PROHIBITION OF COLUMBIA MyFerryLink
PARIS (Reuters) – Eurotunnel said on Friday it would seek a buyer for its subsidiary MyFerryLink after confirmation by the British Justice of the ban on the shipping company linking Calais in Dover.
Eurotunnel announced that he noted a decision “illogical” that “reduces competition on the Strait and undermines free enterprise” and that he would seek a buyer for the company.
“MyFerryLink is an industrial and commercial success (…) Given the British position, his future will now play outside the group,” said Jacques Gounon, Eurotunnel CEO , in a statement.
The British appeal court for Competition (Competition Appeal Tribunal) Friday confirmed the position of the authority of the British competition judging excessive level of competition in the Channel transport and given six months to MyFerryLink to stop operating.
The operator of the Channel Tunnel had appealed a decision deemed “aberrant” he said likely to result in higher prices and threatening 600 jobs.
MyFerryLink had was launched in 2012 with the ships purchased by Eurotunnel SeaFrance as part of its financial liquidation.
In competition with rail for freight and passenger traffic, MyFerryLink has direct rivals Danish operator DFDS and the British P & O Ferries.
Deficiency, the company could break even in 2015 if it continues its activity in March had explained the CEO of Eurotunnel.
The Danish DFDS is also negative.
The Eurotunnel title is virtually unchanged (+ 0.09% to 11.01 euros) at 12:35, while the SBF 120 index yields 0.5% at the same time.
(Pascale Denis, edited by Dominique Rodriguez)
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