Pertes & profits. His name is Oleg Belozerov, heads the Russian Railways Company (RZD) and has been on the list of bosses deemed close to Vladimir Putin by the United States for four years. So far, nothing out of the ordinary. But the man also chairs the supervisory board of Gefco (Groupages express de Franche-Comté), the French transport company created by Peugeot and 75% owned by RZD since an agreement signed with PSA in 2012. Belozerov and RZD, or how to get rid of it?
Customers have given up the services of Gefco, active in 41 countries, including France (3,400 jobs), for a turnover of 4.22 billion euros. “The war has brought regarding major difficulties” for its Russian subsidiary, acknowledges Luc Nadal, Chairman of the Management Board, in an interview with Echos of March 24. Regardless of sanctions, he said, the auto sector, which accounts for three-quarters of its business, is being hit by shortages of electronics and metals and supply chain disruptions.
CMA CGM would consider an acquisition
Admittedly, Gefco realizes only 2% of its operating profit in Russia. But who would want to use the services of a logistician whose main shareholder is actually participating in the Russian war effort by transporting men and equipment to the borders of Ukraine? In Paris, the Ministry of Economy and Finance is following the case closely. A new puzzle for Bercy, different from that of companies which, conversely, have invested heavily in Russia, such as TotalEnergies in the gas company Novatek, Société Générale in Rosbank or Renault in AvtoVAZ.
At the beginning of 2021, RZD had decided to divest from Gefco, of which Stellantis holds 25% of the capital, and even mandated large investment banks to carry out the operation. Despite the sanctions imposed on the “Russian SNCF”, including by the European Union, “there is no constraint on the transaction, neither legal nor administrative”, says Mr. Nadal. What will be the new round table of a returned company, according to its boss, “on the pack” European and American companies in the sector?
Several investors are interested, even if they are discreet in these troubled times. CMA CGM would consider an acquisition. World number three in container ships, the Marseilles shipowner is diversifying at high speed in logistics, helped by its exceptional result of 17.9 billion dollars (16.3 billion euros) in 2021. Important detail: to avoid any missteps, the French Treasury informs the formidable American sanctions control office of the progress of the file.
You have 8.48% of this article left to read. The following is for subscribers only.
