CMA CGM acquires Gefco as RZD and Stellantis exit

French shipping group CMA CGM has acquired almost 100% of Gefco, the auto transport company previously co-owned by Russian Railways (RZD) and automaker Stellantis.

CMA CGM had been authorized by the European Commission to buy Gefco’s capital immediately, pending final approval of the deal anticipated in months, it said in a statement without providing additional details.

Gefco had said last week it would buy back 75% of its shares held by RZD as the state-owned company became the target of Western sanctions levied on Russia after the country began its military operation in Ukraine.

Stellantis confirmed it sold its remaining 25% stake in Gefco to CMA CGM.

“The sale of this non-strategic asset marks the last step of our exit plan, initiated a decade earlier, from the transportation and logistics industry,” Stellantis CEO Carlos Tavares said.

CMA CGM said that Gefco would permit CMA CGM’s logistics division CEVA to become a market leader in auto transport and reinforce its existence in France and Europe.

Gefco has 11,500 employees in 47 countries.