Shipping group CMA CGM has acquired 100% of the shares of automotive logistics business GEFCO, which was until recently 75% owned by Russian Railways RZD and 25% by car company Stellantis.
The shipping company said that the deal would ensure the continuity and long-term stability of GEFCO and strengthen the range of services that its CEVA Logistics subsidiary is able to provide to customers.
“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,” the company said.
“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 deal has been submitted to competition authorities for approval, but as part of a special procedure, 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.
GEFCO was, until 2012, owned by the PSA Group (Peugeot, Citroën, DS, Opel and Vauxhall) when RZD purchased a 75% stake in a deal worth around €800m.
Last year the PSA Group merged with Fiat Chrysler to form Stellantis.
Rodolphe Saadé, chairman and chief executive of the CMA CGM Group, said: “The acquisition of GEFCO represents a further step in our development strategy and strengthens our position as a global player in transport and logistics. With GEFCO, our subsidiary CEVA will become the world leader in automotive logistics, having recently enhanced its capabilities in e-commerce logistics with the acquisition of Ingram Micro CLS.
“We are creating a French leader to serve our customers around the world.”