After months of negotiations, various offers commented on in the media, communication campaigns, and mobilization efforts, it is ultimately the offer for a SCIC (cooperative society of collective interest) takeover that convinced the Nice Commercial Court. The project, which involves 159 voluntary departures, is the one that aims to preserve the maximum number of jobs.
The social aspect prevailed over the financial substance of alternative projects, and it is understandable that the Court sided with it. Imagine the outcry and reactions otherwise.
Now, it will be up to the employees not to turn today’s success into tomorrow’s defeat. As our Italian neighbors say so well in such cases: You wanted the bike? Well, now pedal!
The employees have managed the impressive feat of gathering 14.2 million euros in funding, including 8 million obtained by selling 50% of Corse-Matin and agency properties to the businessman Bernard Tapie. The cooperative society of collective interest (SCIC) of the employees plans for 159 “all voluntary” departures.
“We are pleased to have avoided a social disaster. This is a first victory, but we will need to quickly get back to work and reorganize,” announce the employees, who have support from none other than… Bernard Tapie.
The businessman and owner of La Provence is indeed alongside the employees with a commitment of 4 million euros for the acquisition of Corse-Matin, currently owned 50% each by La Provence and Nice-Matin.
He has also advanced a bank check for another 4 million euros regarding potential real estate sales (understand agency premises). The real estate portfolio is valued at 6.5 million euros. The advance provided by Bernard Tapie therefore allows the new owners to “sell peacefully up to this valuation,” they say.
Businessman? Opportunist? Bernard Tapie’s involvement in the operation leaves more than one doubt. And if he is just waiting to pick up the pieces if the SCIC fails to hold up?
Of course, in such a case, one must see the glass as half full, but knowing the man, if the worm isn’t (yet) in the apple, is the wolf already in the fold?
