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CMA CGM buys former Russian-held Gefco with EU approval

Author:   Posttime:2022-04-13

FRENCH shipping giant CMA CGM has acquired Europe's leading automotive logistics service provider Gefco, days after Gefco announced it had reached a deal to buy back a 75 per cent ownership stake from state-owned Russian Railways, reports IHS Media.

The Gefco-CMA CGM deal went through after the European Commission agreed to a "special procedure" allowing the immediate takeover of the French company by the ocean carrier despite pending regulatory approval.
"The acquisition of Gefco represents a further step in our development strategy and strengthens our position as a global player in transport and logistics," said CMA CGM chairman and CEO Rodolphe Saade.
Financial terms of the takeover were not disclosed. In 2012, France's PSA Group sold its 75 per cent stake in Gefco to Russian Railways for US$860 million.
The earlier Russian-majority shareholding of Gefco complicated the sale to CMA CGM, as Russian Railways was one of the first companies to be sanctioned by the European Union after Russia invaded Ukraine on February 24.
Gefco's largest customer is French-Italian carmaker Stellantis, manufacturer of vehicles such as Fiat, Citroen, and Peugeot, with Ford and Toyota also customers.
 

 

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