French state-owned rail company, SNCF, has made a bid for Geodis, the logistics services group. SNCF has been for many years Geodis’ main shareholder, and currently holds 42.37 per cent of its share capital and 45.79 per cent of its voting rights. The cash offer of €135 per share values the logistics group at €1.1bn.
According to Guillaume Pepy, the newly appointed chairman of SNCF, the deal would not only create Europe’s fourth largest transport and logistics group, but is crucial to restoring the competitiveness of SNCF’s rail freight division. The combined businesses would have sales of €7.7bn and would result in a service offering combining rail, road and water transport.