The French logistics operator GEFCO intends to buy back a block of its shares from Russian Railways.

Logistics operator

This is reported by the railway magazine Railway Supply with reference to interfax.ru.

“Today (April 1 – Ed.), the GEFCO board took an unprecedented step to ensure the sustainability of the company for its customers, partners and employees. Fulfilling its own promise “Partnership Without Borders” and with the approval of the GEFCO Supervisory Board, the board has decided to buy out 75% of the company’s shares owned by Russian Railways,” the GEFCO group said.

It should be noted that Russian Railways has been on the UK sanctions list since March 24 due to the Russian invasion of Ukraine and the further build-up of military aggression. On the same day, Les Echos reported that GEFCO was looking for a buyer for RZD’s 75% stake in the company’s capital.

Russian Railways acquired a 75% stake in GEFCO from PSA Peugeot Citroen (now part of the Stellantis concern) in 2012 for 800 million euros. PSA remained a minority shareholder, also due to the strategic importance of GEFCO’s activities for the automotive concern.

The purchase was motivated by the former management of Russian Railways, as well as transport officials, by plans for the development of the logistics sector as part of the development strategy of the Russian railway monopoly. The company operates mainly in Europe and Africa.

Recall that the UK issued a general license to the French logistics operator GEFCO, controlled by Russian Railways, to continue its business in the country.

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