Auto logistics firm Gefco to buy out Russian shareholder

April 1, 202256 views0

PARIS (Reuters) -Auto transport company Gefco, co-owned by French-Italian carmaker Stellantis, said on Friday it will buy back the 75% of its shares that are held by Russian Railways (RZD) after it was placed under western sanctions.

RZD, Russia’s state-owned railway operator was placed under sanctions by the Britain, the European Union and the United States, Gefco said in a statement, adding the restrictions should not impact Gefco as an independent company registered in France.

The buyback was planned before April 11, it said without explaining how it would be financed, although it hoped “to provide more information about the evolution of our shareholder structure in the coming days”.

“Today, the company’s executive board has taken a courageous stand to ensure Gefco’s long-term survival for its customers, partners and employees,” the company said in a statement.

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