EUROPE: Car manufacturer PSA Peugeot Citroën announced on September 20 that it had entered into exclusive negotiations to sell a 75% interest in its logistics subsidiary Gefco to Russian Railways for €800m.
According to RZD, the acquisition would enable it to ‘increase the attractiveness of transit cargo flows along the Europe — Asia transcontinental route’. Following the completion of ‘significant’ upgrading work, ‘the next logical step is to develop a sales network for transit transcontinental transportation services via an international logistics company’.
The transaction is expected to enhance the global competitiveness of the Russian economy, cutting production costs through the use of ‘world-class’ logistics technology. ‘It would also improve conditions for the development of high-technology industries for which effective transport and logistics infrastructure are essential’, says RZD.