The Société Nationale Corse-Méditerranée (‘SNCM’) is a French maritime company which provides regular crossings to Corsica from continental France. In 2002, 20% of that company was held by the Société nationale des chemins de fer (‘SNCF’) and 80% by the Compagnie générale maritime et financière (‘CGMF’), which themselves were wholly-owned by the French State. When its capital was offered in 2006, 66% of SNCM was taken up by private companies (Butler Capital Partners and Veolia Transport), whereas 25% of its capital was retained by the CGMF and 9% was reserved for the employees.