The investment fund BCP - BUTLER CAPITAL PARTNERS is in exclusive negotiations for acquiring a majority stake in the SERNAM XPRESS delivery service group, the former failing subsidiary of the SNCF. BCP is expected to take over a little over 50% of SERNAM leading to a €10 - €15 million increase in capital. SERNAM was largely in deficit in 2005 with losses of around €40 million out of a turnover of €370 million. It has a workforce of 2100.