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.
For months the people of the tiny seaside hamlet of Larmor-Baden in Brittany have been living in fear as a serial arsonist has burned down properties at will. On Wednesday French police appeared to have made a breakthrough. READ () »
Flash floods in south west France claimed their second victim on Wednesday when a 75-year-old man was swept away to his death in the raging waters. The flooded Catholic shrine of Lourdes was like 'a scene from a disaster movie' according to one hotel owner. READ () »
As temperatures rise and the rains continue to fall, concerns in France have turned to the country’s surging mosquito population. A new interactive map looks set to give residents and holiday-makers a head start in avoiding those nasty mossie bites. READ () »
A reptile enthusiast died after being bitten by a viper during a demonstration in southern France, which was aimed to help audiences overcome their fear of snakes. The man died from a heart attack due to a rare allergy, his colleague told The Local. READ () »
A suspected member of the notorious Pink Panther gang of international jewel thieves has been arrested near Paris, police sources told AFP on Wednesday. READ () »
Two of France's most famous luxury brands look set for a bitter court battle after deluxe bag maker Hermès accused the Louis Vuitton group LVMH of "historic fraud", as a long running bitter feud took a new twist on Wednesday. READ () »
French airline company Air France confirmed on Wednesday a multi-billion euro order of Airbus's new A350 planes. The planes are not yet in service and only recently carried out a test flight (see video). READ () »
The days of the rude Paris waiter or shopkeeper may soon be over. As part of a new campaign, Paris tourism chiefs published a training manual this week aimed at teaching Parisians who come into contact with tourists how to offer them a better welcome. READ () »
The historic Catholic pilgrimage site of Lourdes in south west France was evacuated on Tuesday after flash floods hit the area. Management at the shrine have told The Local they are growing increasingly concerned as waters continue to rise. READ () »
As a provocative new anti-smacking video campaign by the Fondation pour l'Enfance (Foundation for Childhood) causes a stir in France, the man behind the drive Dr. Gilles Lazimi tells The Local why France needs a law banning parents from smacking their kids. READ () »