Reports claim CMA CGM poised for buyout

Media reports have said that French shipping firm CMA CGM is poised to buy a 75% Russian-owned logistics company once it has been bought back by its former shareholders.

Gefco is co-owned by the carmaker Stellantis, which according to Reuters news agency says it will buy back the 75% of the shares it used to own that are currently held by Russian Railways and now placed under western sanctions.

Citing a company statement, Reuters said the buy back was planned to take place before April 11 

French business daily Les Echos ran an interview with Gefco owner Luc Nadal, in which he said the war had led to an unpredented crisis at Gefco and customers had stopped their flow of goods because of its 75% Russian shareholding.

CMA CGM has not responded to MJ’s request for a comment and had not confirmed the reports that once the buyback was complete it would take over the firm, although Gefco would make a useful addition to its logistics offering.

Gefco transports cars made by carmakers including Toyota, Ford and Renault.