"Russian Railways" signed on Monday an agreement to acquire 75% stake in logistics company GEFCO the French carmaker PSA Peugeot Citroen.
The signing ceremony was held at the Paris headquarters of Peugeot.
Document was signed by the head of Russian Railways Vladimir Yakunin, president and CEO of PSA Peugeot Citroen Philippe Varin.
As a side note, the signing of this agreement is necessary to initiate the transaction in the antitrust authorities of countries in which the business of JSC "Russian Railways" and GEFCO the most widely, including in Russia, France and Germany.
"We plan to close the deal by the end of the year, we work according to the plans. Payments are to be held by the end of the year, and the Railways will be the owner of 75% GEFCO », — said the president of PSA Philippe Varin.
French automotive group PSA Peugeot-Citroen, GEFCO selling the program to get rid of non-core assets because of the difficult financial situation, the previously started exclusive talks with the Railways for the sale of 75% of the logistics operator for 800 million euros.