The SNCM group shall dispose of all its direct and indirect holdings in the following companies:

• Amadeus France,

• Compagnie Corse Méditerranée,

• Société civile immobilière Schuman,

• Société Méditerranéenne d'Investissements et de Participations,

• Someca.

Instead of disposing of its holdings in Société Méditerranéenne d'Investissements et de Participations, SNCM may sell this company's sole asset, the Southern Trader, and close down this subsidiary.

The disposals may be made, at the choice of the French authorities, either through public auction or through a call for expressions of interest published in advance, providing for a minimum period of two months for any response.

France shall provide the Commission with proof of all these disposals. The low level of bids which SNCM might receive cannot be invoked as a reason for not going ahead with the disposals. If there are no bids and if France can show proof that all the necessary publicity has been made, the condition laid down in the first paragraph shall be deemed to have been complied with.