CMA CGM - comment
Having just closed the Ingram Micro acquisition announced in December 2021 CMA CGM continues looking for new assets to expand its interests in logistics. The potential acquisition of Automotive logistics expert GEFCO would help embed Ceva further into CMA CGM’s client value chain, but automotive logistics is not an easy business to make money in as clients are hugely concentrated. On a more positive note, GEFCO’s EV is expected to be €450m to €500m, a modest purchase in terms of CMA’s cash pile that brings with it a partnership with a major French industrial group.
- A 75% stake in GEFCO owned by Russian Railways (bought for $800m in 2012) is being bought back by GEFCO due to sanctions against the majority shareholder. Les Echos has reported that CMA CGM is being lined up as the buyer. The remaining 25% is owned by Peugeot (who founded the business), they will almost certainly stay as a shareholder if possible.