French Prime Minister Dominique de Villepin announced on Thursday a rescue plan for state-owned Corsica ferry operator National Corsica Mediterranean Company ( SNCM) with private interests taking 70 percent, the state 25 percent and employees 5.0 percent.

The private investment firm Butler Partners Capital was ready to take 40 percent of the ferry company and Connex, the transport subsidiary of French utilities services group Veolia Environnement, was interested in a 30 percent stake, Villepin said.

French Transport Minister Dominiuqe Perben said in Marseille that according to the plan's latest version, Butler would take 70 percent of SNCM and sell 30 percent to Connex by the end of the year, French news channel TF1 reported.

If "this solution turns out to be impossible ... the only alternative would be to file for bankruptcy and liquidate" the company, Perben warned.

"This plan is the final proposal the state can make with respect to (European Union) community regulations," he was quoted as saying.

The transport minister also said that European Commission officials had not yet approved the plan, which Finance Minister Thierry Breton was to take to Brussels on Friday.

Source: Xinhua