Geodis sale moves a step closer

摘要

The state-owned French railway company SNCF has moved forward with its takeover bid for Geodis through the approval of its cash offer by the French securities regulator. SNCF already owns 42.37% of the logistics group, so is considered to be a front runner in the public tender of the remaining shares. Geodis' board has already recommended that other shareholders accept SNCF's offerofEUR135 (USD209) per share, which values Geodis at EUR1.045 (USD1.620) million, or 19.5 × last year's earnings. SNCF's loss-making freight division, SNCF Freight, has made no secret of its desire to copy Germany's Deutsche Bahn drive into logistics. It is clearly confident of taking over Geodis, as Geodis' chairman, Pierre Blayau, has already been appointed as SNCF's deputy ceo in charge of a new transportation and logistics division, incorporating SNCF Freight and Transport and Logistics Partners (TLP).