Repurchase of Gefco shares?
The Gefco Group hasn't remained untouched by developments in Eastern Europe. Since RZD, the Russian railways, bought 75% of its capital in 2012, the sanctions imposed on its shareholder by the European Union are having a negative impact on the group’s activities, in the UK, for example.
While RZD expressed its intention to sell its shares in Gefco in 2021, Reuters now announced that Gefco, co-owned by a Franco-Italian car manufacturer, plans to buy back these shares.
Gefco said in a statement that the buyback from RZD was planned before 11 April 2022. No financial details were disclosed, but the group hoped “to provide more information about the evolution of our shareholder structure in the coming days.”
The intention of the French-based company is clear, since the statement said that “the company’s executive board has taken a courageous stand to ensure Gefco’s long-term survival for its customers, partners and employees." Gefco currently employs 11,500 people worldwide. 9,000 people work in Europe, of whom 3,400 are based in France. (sh)