{"id":4511,"date":"2026-07-27T15:10:57","date_gmt":"2026-07-27T12:10:57","guid":{"rendered":"https:\/\/mikhailinvest.com\/cma-cgm-favourite-to-acquire-stake-in-top-french-rail-freight-player\/"},"modified":"2026-07-27T15:10:57","modified_gmt":"2026-07-27T12:10:57","slug":"cma-cgm-favourite-to-acquire-stake-in-top-french-rail-freight-player","status":"publish","type":"post","link":"https:\/\/mikhailinvest.com\/ru\/cma-cgm-favourite-to-acquire-stake-in-top-french-rail-freight-player\/","title":{"rendered":"CMA CGM favourite to acquire stake in top French rail freight player"},"content":{"rendered":"
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CMA CGM appears poised to expand its footprint in rail freight with the acquisition of up to 49% of French state railway SNCF\u2019s holding company in the sector, Rail Logistics Europe (RLE). \u00a0<\/p>\n

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The sale was one of the conditions of an agreement between the EC and the French state which focused on the break-up of Fret SNCF, the company having been suspected of receiving billions of euros in illegal aid.<\/p>\n<\/div>\n

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RLE is the largest rail freight player in France, with subsidiaries include Hexafret, Captrain France, VIIA, Naviland Cargo, Forwardis, and Technis.<\/p>\n<\/div>\n

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Other bidders include: Daniel Kretinsky, a Czech entrepreneur whose business interests include ownership of the parent company of pan-European parcel operator GLS and UK postal service Royal Mail; German logistics group Rhenus; and an unidentified private equity fund, an industry source told \u041b\u043e\u0434\u0441\u0442\u0430\u0440<\/i>.<\/p>\n<\/div>\n

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Earlier this year, France\u2019s state railway appointed two investment banks to manage the process, and Lazard and Indosuez Corporate Advisory sent a presentation document to potential candidates which valued the stake at around \u20ac800m.<\/p>\n<\/div>\n

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Asked about the candidates, an SNCF spokesperson told \u041b\u043e\u0434\u0441\u0442\u0430\u0440<\/i>: \u201cWe have no comment to make on this highly-regulated process.\u201d<\/p>\n<\/div>\n

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A spokesperson for Kretinsky Group said: \u201cAs a matter of policy, we do not comment on speculation regarding our acquisition plans.\u201d<\/p>\n<\/div>\n

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CMA CGM and Rhenus Logistics were also approached.<\/p>\n<\/div>\n

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Rhenus Logistics is already present in France, but more significantly, shareholder the Rethmann family last year acquired a majority stake in Transdev \u2013 a French group operating transit systems including rail.<\/p>\n<\/div>\n

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Asked whether the winning bidder for the stake would have their hands tied given that SNCF would retain majority control of RLE, the source replied: \u201cAll the candidates are aware they cannot exceed a 49% stake. From a social perspective and, given the political sensitivities, going beyond this figure would be unacceptable.\u201d<\/p>\n<\/div>\n

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The source said the French government\u2019s ideal buyer was \u201cof course, CMA CGM\u201d.<\/p>\n

\u201cRhenus is an option to a certain extent, but Kretinsky, I\u2019m sceptical about. I find it hard to imagine the French state selling part of its assets to him. Let\u2019s not forget, for example, that RLE handles at least 80% of the French military\u2019s transport operations.\u201d<\/p>\n<\/div>\n

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Marseille-based CMA CGM is pursuing a strategy focused on the development of a multimodal freight transport offering that includes rail. <\/p>\n<\/div>\n

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Earlier this year, it completed the acquisition of UK rail freight operator Freightliner to boost its intermodal services, taking over 2,000 wagons, 10 terminals, and one of the largest fleets of electric locomotives in the country.<\/p>\n<\/div>\n

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It also runs rail services between Marseille and Lyon, in southern France.<\/p>\n