HIGHLIGHTS
- Russian Railways and Stellantis divested on GEFCO, CMA CGM announced takeover of GEFCO by buying back nearly 100% of shares.
- After the acquisition, GEFCO is said to be incorporated into CEVA Logistics and expected to dominate the automotive logistics market.
FULL ARTICLE
Sanctions from the West caused Russian Railways’ divestment
The transaction has been submitted for clearance to competition authorities. However, as CMA CGM notes, the European Commission has approved CMA CGM to purchase GEFCO’s capital immediately under a special procedure, awaiting final approval in the coming months.
After RZD became the focus of Western sanctions, GEFCO said last week that it would buy back 75% of its shares held by the state-owned corporation. Similarly, car maker Stellantis stated that it had sold its remaining 25% ownership in GEFCO to CMA CGM.
Automaker PSA controlled GEFC until 2012, when it sold a 75% stake to RZD for 800 million Euros (869 million USD). PSA joined with Fiat Chrysler to become Stellantis last year. However, at the moment there was no reference to the value of the deal made by CMA CGM.
The ambition of France-based leader in shipping and logistics when taking control of GEFCO
CEVA Logistics is already owned by CMA CGM, and it is expected that the latter’s knowledge and network will be utilized to benefit GEFCO. According to a statement from CMA CGM, GEFCO will be incorporated into CEVA Logistics.
“This will create the world’s largest automotive logistics supplier and will boost CEVA’s leadership position in contract logistics,” the CMA CGM company claims. The move is also expected to help the company achieve its goal of developing and providing end-to-end shipping and logistics solutions.
Rodolphe Saadé, Chairman and CEO of the CMA CGM Group, commented on the deal: “The acquisition of GEFCO is a significant step forward in our growth plan, bolstering our position as a worldwide player in transportation and logistics.”
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