The maritime transport giant CMA CGM has announced the takeover of almost 100% of the French car transporter Gefco, formerly owned by Stellantis and Russian Railways, which has become an embarrassing shareholder since the Russian invasion of Ukraine.
Russian President Putin’s war in Ukraine is also sending shock waves through business circles. Little by little Russian companies are losing ground, faced with international sanctions. Thus, the maritime transport giant CMA CGM announced on Friday the takeover of 100% of the French car transporter Gefco, formerly owned by Stellantis and the Russian Railways (RZD), which has become an embarrassing shareholder since the Russian invasion in Ukraine.
Gefco (Groupages express de Franche-Comté), a former subsidiary of PSA Peugeot-Citroën, mainly transports new cars, and has 11,500 employees in 47 countries, including more than 3,000 in France, for a turnover of 4.2 billion euros in 2021.
This acquisition “ensures the continuity and sustainability of Gefco’s activities”, underlined the Marseille group in a press release.
“Under a derogation procedure, the European Commission has authorized CMA CGM to acquire the capital of Gefco immediately, pending final approval which will take place in the coming months”, it is specified.
Russian Railways, whose CEO Oleg Belozerov is reputedly close to Vladimir Putin, has been placed under international sanctions due to the conflict in Ukraine. On April 1, faced with pressure, Gefco’s management board announced that it was buying the 75% Russian share. The French government, which is closely following the transaction, then stressed that it was only a “first step”.
The arrival of new owners was “essential to protect the group’s activity in the short term”, according to the cabinet of the Minister of Industry Agnès Pannier-Runacher. The CEO of CMA CGM, Rodolphe Saadé, welcomed this acquisition, without referring to the former Russian shareholder, and without mentioning the value of the buyout. The Marseille group intends to “eventually” integrate Gefco into CEVA, the Swiss logistics group which it acquired in 2019, to “create the world leader in logistics for the automotive sector”.
“Thanks to Gefco, CEVA Logistics will continue its growth throughout the world, and will strengthen its presence in certain key markets, particularly in France and Europe”, underlined the CMA CGM.
Three quarters of Gefco had been sold by PSA to Russian railways at the end of 2012 for 800 million euros. The remaining 25% still belonged to Stellantis, formed last year from the merger of PSA and Fiat-Chrysler. In a separate press release, the car manufacturer announced on Friday that it had “sold its remaining 25% stake in the capital of Gefco SA to the CMA CGM Group, one of the world leaders in transport and logistics”.
Sami Nemli with MAP / ECO Inspirations