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PARIS, November 5 (Itar-Tass) —— Peugeot Citroen and Russian Railways (RZD) signed an agreement on the sale of shares representing 75 percent of the capital and voting rights of GEFCO S.A., the parent company of the GEFCO group, to RZD.
The agreement was signed in Paris on Monday, November 5, by Philippe Varin, Chairman of the Managing Board of PSA Peugeot Citroen, and Vladimir Yakunin, President of Russian Railways.
The completion of the transaction is now exclusively subject to relevant antitrust approvals and should take place before the end of the year.
This agreement will enable GEFCO to step up its expansion by combining its strengths with those of Russian Railways and diversify its business base, thereby contributing to revenue growth. The new entity will be a global leader in diversified industrial supply chain logistics.
Under the agreement, PSA Peugeot Citroen will sell a 75 percent interest in GEFCO to RZD for 800 million euros, after the payment by GEFCO to PSA Peugeot Citroen of special dividend of 100 million euros.
With its two world-renowned brands, Peugeot and Citroen, PSA Peugeot Citroen sold 3.5 million vehicles worldwide in 2011, of which 42 percent outside Europe. The second largest carmaker in Europe, it generated revenue of 59.9 billion euros during the year.
PSA Peugeot Citroen has sales operations in 160 countries. In 2011, it allocated more than 2 billion euros to research and development, in particular in the field of new automotive propulsion technologies. PSA Peugeot Citroen is also involved in financing activities (Banque PSA Finance), logistics (GEFCO) and automotive equipment (Faurecia).