Philippe Varin, Chairman of the Managing Board of PSA Peugeot Citroën, and Vladimir Yakunin, President of JSC Russian Railways (RZD), signed a contract on Monday, 5 November 2012 concerning the sale of shares representing 75% of the capital and voting rights of GEFCO S.A., the parent company of the GEFCO group.
The completion of the transaction is now exclusively subject to relevant antitrust approvals and should take place before the end of the year.
This agreement will enable GEFCO to step up its expansion by combining its strengths with those of JSC Russian Railways (RZD) and diversify its business base, thereby contributing to revenue growth. The new entity will be a global leader in diversified industrial supply chain logistics.
Under the agreement, PSA Peugeot Citroën will sell a 75% interest in GEFCO to RZD for €800 million, after the payment by GEFCO to PSA Peugeot Citroën of special dividend of €100 million.*Automotive World is not responsible for the content of this news release.