Rodolphe Saadé has helped out his good friend Emanuel Macron forward of Sunday’s presidential election in France.
The CMA CGM chairman has moved to accumulate almost 100% of GEFCO, an automotive logistics agency whose future had change into clouded with uncertainty following the Russian invasion of Ukraine.
France-headquartered GEFCO was 75% managed by state-run Russian Railways, an entity that was rapidly sanctioned 5 weeks in the past as warfare bought underway in jap Europe. Based in 1949 as Les Groupages Categorical de Franche-Comté (GEFCO), Russian Railways got here onboard as majority shareholder 10 years in the past.
GEFCO right this moment is the primary European chief in completed automobile logistics, and a high 10 international accomplice in multimodal provide chain options. It has a community spanning 47 international locations and employs round 11,500 workers around the globe – with greater than 2,500 of them in France.
The acquisition introduced right this moment, considered price round $488m, has been submitted to competitors authorities for approval. Nonetheless, as a part of a particular process, the European Fee has authorised CMA CGM to accumulate the capital of GEFCO instantly, pending the ultimate approval that may happen within the coming months.
“The acquisition will strengthen the vary of logistics companies that CEVA Logistics, CMA CGM’s logistics subsidiary, gives to its prospects, particularly in France and the remainder of Europe,” quickly diversifying CMA CGM acknowledged in a launch.
Saadé, the chairman and CEO of CMA CGM, commented: “The acquisition of GEFCO represents an additional step in our growth technique and strengthens our place as a worldwide participant in transport and logistics. With GEFCO, our subsidiary CEVA will change into the world chief in automotive logistics, having not too long ago enhanced its capabilities in e-commerce logistics with the acquisition of Ingram Micro CLS. We’re making a French chief to serve our prospects around the globe.”