Geodis supports SNCF takeover bid
Geodis has decided to recommend the EUR 600 million takeover bid from rail operator SNCF to its shareholders. The deal will create Europe’s fourth-largest freight group, including a major express business in France.
The Geodis board said the offer was a fair price and that becoming part of the SNCF group would strengthen Geodis. It unanimously recommended that shareholders should accept the EUR 135 per share offer.
SNCF, which already holds 42.37 pct of Geodis’ share capital and 45.79 pct of voting rights, announced in early April it would offer EUR 600 million to buy full control of Geodis.
SNCF plans to combine Geodis, with 2007 revenues of EUR 4.8 billion, its rail freight division and several smaller transport subsidiaries, into a new group with 2008 revenues of some EUR 8 billion and about 50,000 employees. The new company would include Geodis Calberson, one of the leading express and parcels operators in France.
Geodis has decided to recommend the EUR 600 million takeover bid from rail operator SNCF to its shareholders. The deal will create Europe’s fourth-largest freight group, including a major express business in France.
The Geodis board said the offer was a fair price and that becoming part of the SNCF group would strengthen Geodis. It unanimously recommended that shareholders should accept the EUR 135 per share offer.
SNCF, which already holds 42.37 pct of Geodis’ share capital and 45.79 pct of voting rights, announced in early April it would offer EUR 600 million to buy full control of Geodis.
SNCF plans to combine Geodis, with 2007 revenues of EUR 4.8 billion, its rail freight division and several smaller transport subsidiaries, into a new group with 2008 revenues of some EUR 8 billion and about 50,000 employees. The new company would include Geodis Calberson, one of the leading express and parcels operators in France.
