CMA CGM acquires GEFCO from Russian Railways and Stellantis
French shipping giant CMA CGM has purchased around a 100 per cent stake in GEFCO, the European leading specialist in automotive logistics that was previously owned by the Russian Railways (RZD) and Stellantis. The new member of the CMA CGM Group will become a part of CEVA Logistics, the logistics subsidiary of the French holding.
After a series of acquisitions in the e-commerce business, the CMA CGM Group has focused on developing logistics solutions for the automotive industry. To this end, the French shipping company purchased almost 100 per cent of GEFCO, the logistics provider with 70 years of experience and activities in 47 countries that is strongly committed to the automotive sector. Since GEFCO’s major stake, 75 per cent, was owned by RZD, the Russian state-owned railway undertaking that is under the EU sanctions, a special procedure was applied to the deal. “The European Commission has authorised CMA CGM to acquire the capital of GEFCO immediately, pending the final approval that will take place in the coming months,” the CMA CGM Group stated. The acquisition has been submitted to competition authorities for approval.
Another GEFCO’s shareholder, Stellantis, has also announced its intention to sell its 25 per cent stake to CMA CGM. “The sale of this non-strategic asset marks the last step of our exit plan, initiated a decade ago, from the transportation and logistics industry. Moving forward, Stellantis now has an efficient global supply chain with diverse logistics suppliers, among which GEFCO continues to play a meaningful role,” said Carlos Tavares, CEO of Stellantis.
CMA CGM is planning to combine GEFCO with CEVA Logistics, the group dedicated subsidiary. “The acquisition of GEFCO and its integration within CEVA Logistics will create the world’s leading automotive logistics provider and will reinforce CEVA’s leadership position in contract logistics. Thanks to the addition of GEFCO, CEVA Logistics will continue expanding around the world and strengthening its position in key markets, especially France and the rest of Europe,” the French shipping group noted.
None of the parties has unveiled the details of the deal. It is worth reminding that RZD purchased its GEFCO’s stake from PSA Peugeot Citroen, which is now a part of Stellantis, for around 800 million US dollars in 2012.