Stellantis Sells Remaining 25% Stake in GEFCO By Investing.com

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Stellantis Sells Remaining 25% Stake in GEFCO

Stock Markets Apr 08, 2022 08:26AM ET

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Stellantis Sells Remaining 25% Stake in GEFCO

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Stellantis (NYSE:STLA) today announced it has sold its remaining 25% stake in GEFCO S.A. to the CMA CGM Group, a world leader in transport and logistics.

The sale of this non-strategic asset marks the last step of our exit plan, initiated a decade ago, from the transportation and logistics industry, said Carlos Tavares, Stellantis CEO. Moving forward, Stellantis now has an efficient global supply chain with diverse logistics suppliers, among which GEFCO continues to play a meaningful role.

CMA CGM has been authorized by European Commission to immediately acquire Gefco's capital, in anticipation of final approval expected in the following months.

Frances PSA, which was merged with Fiat Chrysler last year to create Stellantis in Italy, owned 100% of Gefco from 2012 until it sold a 75% share to RZD at 800 million euros ($869million).

By Michael Elkins

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