CMA CGM takes over French airline Gefco after the eviction of its Russian owner

Maritime transport giant CMA CGM announced on Friday April 8, 2022 the acquisition of: almost 100% of the French car transporter Gefcopreviously owned by Stellantis and Russian Railways (RZD), which has become an embarrassing shareholder since the Russian invasion of Ukraine.

Gefco (Groupages express de Franche-Comté), a former subsidiary of PSA Peugeot-Citroën, mainly transports new cars and employs 11,500 people in 47 countries, including more than 3,000 in France, for a turnover of 4.2 billion euros in 2021.

This purchase ensures continuity and sustainability of Gefco .’s activitiesunderlined the Marseille group in a press release.

The very attentive French government

Under a different procedure, the European Commission has authorized CMA CGM to acquire the capital of Gefco immediately, pending final approval in the coming specified.

Russian Railways (RZD), whose chief executive Oleg Belozerov is known for having close ties to Vladimir Putin, is under international sanctions over the conflict in Ukraine. On April 1, Gefco’s management announced under pressure that it would buy the 75% Russian share.

The French government, which is closely following the transaction, emphasized at the time that it was only a first phase† The arrival of new owners was essential to protect the group’s activities in the short termaccording to the office of the Minister of Industry Agnès Pannier-Runacher.

Repayment amount unknown

The CEO of CMA CGM Rodolphe Saadé welcomed this acquisition, without referring to the former Russian shareholder and without mentioning the buyout value.

The Marseille group wants to integrate futures Gefco to CEVA, the Swiss logistics group that acquired it in 2019, for creating the global leader in automotive logistics.

Thanks to Gefco, CEVA Logistics will continue its growth around the world and strengthen its presence in certain key markets, notably in France and Europe.​, the CMA underlined CGM.

Gefco sold to Russian Railways in 2012

Three quarters of Gefco had been sold by PSA to the Russian railways for 800 million euros at the end of 2012. The remaining 25% still belonged to Stellantis, created last year from the merger of PSA and Fiat-Chrysler.

In a separate statement, the automaker announced on Friday that it sold its remaining 25% stake in the capital of Gefco SA to the CMA CGM Group, a global leader in transportation and logistics.

CMA CGM takes over French airline Gefco after the eviction of its Russian owner