Rail Operator Woos GEFCO

Aug. 31, 2012

Russian Railways has considered bidding for French carmaker Peugeot's logistics division GEFCO, according to materials produced for a Russian Railways' board meeting.

Peugeot plans to sell a 75 percent stake in GEFCO for up to 1 billion euros ($1.25 billion) to cut the car company's debt and shore up its finances.

In a presentation dated August 2012, a proposed deal was preliminarily valued at up to 975 million euros, excluding potential synergies, based on a $1.3 billion valuation for 100 percent of GEFCO.

It is unclear whether Russian Railways remains interested in the asset. The state monopoly declined to comment.

(Reuters)

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