Published: 20 Sep 2012 10:31 GMT+02:00 | Print version
Updated: 20 Sep 2012 10:31 GMT+02:00
French carmaker PSA Peugeot Citroen said on Thursday it was in negotiations to sell 75% of its logistics subsidiary Gefco to Russian railway firm RZD for €800 million ($1.04 billion).
While RZD would effectively get control of Gefco under the deal, the head office of the logistics group is expected to remain in France and the company is expected to retain its current management team, including Luc Nadal as president, Peugeot said.
The deal would help Gefco "further enhance its geographic expansion strategy in China, India and Latin America, but also accelerate its growth in Eastern and Central Europe, particularly in Russia," added the carmaker.
The divestment is part of a wider programme of assets sale, as the struggling French carmaker is trying to raise €1.5 billion to improve its
The group has also undertaken cost-cutting measures, including slashing 8,000 jobs in France and closing a factory near Paris, to consternation in its home country.
Gefco employs 9,400 people worldwide, including about half in France, and posted €3.78 billion in sales for 2011.
A French soldier has been stabbed while on patrol in Paris but President Francois Hollande said the attack could not "at this stage" be linked to the murder of a military man in London. READ () »
Yannick Noah believes that none of the current crop of French tennis players are capable of matching his exploit in winning the French Open 30 years ago. READ () »
IMF chief Christine Lagarde's future was at stake Friday as French prosecutors grilled her for a second day to decide if she should be charged over a state payout to a disgraced tycoon when she was finance minister. READ () »
A French anti-racism association is launching a mobile application it hopes will help eradicate racist graffiti by enabling users to take photos of offensive tags, geo-locate them and get them removed. READ () »
When it comes to fighting off the invasion of English words the French Resistance has had mixed fortunes over the years. Nevertheless the fight goes on. With the help of the Ministry of Culture here's a list of the latest English terms that French authorities want deported. READ () »
The streets of Paris are getting a reputation for being unsafe for tourists and this is a threat to business for the great brand names of French fashion, a top body representing the luxury industry warned on Friday. READ () »
Rights watchdog Amnesty International has filed its end of year report on French President François Hollande's record on tackling human rights issues. Its conclusion was: Could do better. READ () »
The dangerous craze of ‘train surfing', which has long been popular in Russia, came to France this week and ended in tragic circumstances. A young man who was reportedly riding the roof of a Paris Metro was killed when the train entered a tunnel. READ () »
The purchase of the famous upmarket French department store Printemps by investors from Qatar needs to be investigated by authorities for possible corruption, money laundering and tax fraud, unions demanded this week. READ () »
The proposal was labelled by critics as another example of France's Socialist government attacking the richest. But after a u-turn announced on Friday the plan to limit executive pay in the private sector will not now see the light of day. READ () »