French freight logistics group Geodis has decided to recommend the €600 million takeover bid fromrail operator SNCF to its shareholders. The deal will create Europe’s fourth-largest freight group,
including a major express business in France.The Geodis board said the offer was a fair price and that becoming part of the SNCF groupwould strengthen Geodis. It unanimously recommended that shareholders should accept the €135 pershare offer.
SNCF, which already holds 42.37% of Geodis’ share capital and 45.79% of voting rights,announced in early April it would offer €600 million to buy full control of Geodis.
SNCF plans to combine Geodis, with 2007 revenues of €4.8 billion, its rail freight divisionand several smaller transport subsidiaries, into a new group with 2008 revenues of some €8 billionand about 50,000 employees. The new company would include Geodis Calberson, one of the leadingexpress and parcels operators in France.
