For months, the global maritime transport giant and NJJ, the holding company of Xavier Niel, the founder of Free, have been fighting in court for control of the regional press group and its two flagship titles, the daily newspapers La Provence and Corse Matin. .

The company, which employs some 850 people, is 89% owned by GBT, the holding company of former businessman Bernard Tapie, the remaining 11% already belonging to NJJ, via its subsidiary Avenir Développement.

But GBT has been in compulsory liquidation since 2020. The two liquidators are therefore involved in this battle, with one objective: to obtain the best sale price for this 89%, in order to be able to pay the creditors and therefore the State.

Following a second call for tenders, only that of the Marseille shipowner, the best bidder, was retained by the liquidators: CMA CGM had put 81 million euros on the table, against "around" 20 million for NJJ.

This offer still has to pass the caudine forks of the board of directors: made up of five members, the latter must in fact unanimously approve the shipowner's offer, by virtue of a so-called approval", i.e. a right of veto.

Tribute from La Provence to Bernard Tapie, during a mass in his memory in Paris on October 6, 2021, three days after his death Thomas COEX AFP / Archives

Among them, two representatives of Avenir Développement, whose takeover offer was rejected by the liquidator, and three of GBT: Stéphane Tapie, eldest son of the businessman who died in October, the CEO of La Provence Jean -Christophe Serfati and the general secretary of the group Virginie Layani.

"Inextricable blockage"

To obtain approval, established in the 1986 law guaranteeing the independence of press companies, any new entrant to the capital must respect two conditions: "the principle of non-concentration of the press" and "the social interest of the company", recalls CMA CGM to AFP, considering that its offer meets these two criteria.

"Our offer, it maintains employment, it maintains activity and it has been validated by the six CSEs (Social and Economic Committee, editor's note) of La Provence, five unanimously and the sixth with ten votes out of 14" , specifies the shipowner.

"The social interest of La Provence today is to have a new shareholder in good health who has received a favorable opinion from the CSE", slips another source familiar with the matter to AFP.

In the event of rejection of the offer by the administrators of Avenir Développement, the shadow of the conflict of interest would come back to hover over the file.

This is also what motivated the suspension of the right of approval of Xavier Niel, both minority shareholder of La Provence and candidate for its takeover, by the Commercial Court of Marseille in January.

If the Court of Appeal of Aix-en-Provence has since reversed this decision, it also recognized that there was, "indisputably" a "conflict of interest" for Avenir Développement.

Thus, a use, considered abusive by some, of his right of veto by Xavier Niel, could lead the judicial liquidators to take legal action, or even to withdraw the GBT shares from the sale.

With a risk of bankruptcy of the company.

For many employees, a blocking of the CMA CGM offer would in any case be synonymous with new delays in a sale already pending for months.

"If it is not approved, we start again with an inextricable deadlock situation", fears Sophie Manelli, elected from the National Union of Journalists (SNJ).

However, "we no longer have time to wait, we really need to have a buyer, investments, a course", she adds.

The La Provence group employs some 850 people Christophe SIMON AFP

Like the SNJ, the inter-union FO-CGT of Corse Matin and La Provence and the FOSNPEP union call the administrators to their responsibilities, asking them to approve the shipowner's offer.

CFDT, CGT, CFE-CGC and FO Livre would have preferred to be able to compare the two takeover offers.

“It is wrong to claim that all employees and even a large majority would be for the CMA CGM offer”, advances Marie-Cécile Bérenger, CFDT representative.

The fact remains that "if Xavier Niel really has the will to acquire La Provence, he can do so, even by approving the offer", according to a source familiar with the matter: "He can both give the approval and acquire the newspaper, using its right of pre-emption", which allows it to win the bet, on the condition, however, of matching the price of its competitor.

© 2022 AFP