SNCF completes Geodis takeover
The EUR 600 million acquisition of freight logistics group Geodis by French rail operator SNCF has been completed with the delisting of Geodis shares from the Euronext Paris stock exchange. SNCF aims to create Europe’s fourth-largest transport and logistics group which will also be among the express market leaders in France.
SNCF, which already held 42.37 pct of Geodis’ share capital and 45.79 pct of voting rights prior to its offer, announced in early April it would offer EUR 135 per share to buy full control of Geodis. The offer, which ran through June and part of July, was supported by the Geodis board and overwhelmingly accepted by Geodis shareholders.
After increasing its holding to 98.40 pct of Geodis capital, SNCF then implemented a squeeze-out to buy the remaining shares on August 8 and Geodis shares were delisted from the Euronext Paris stock exchange on that day.
SNCF will 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 will include Geodis Calberson, one of the leading express and parcels operators in France.
