PSA to Sell Remaining Stake in Its Former Logistics Unit

PSA Group is selling off its 25% holding in Gefco SA, its former logistic division, Les Echos reports.

PSA sold 75% of Gefco to Russian railway operator RZD in 2012 during the carmaker’s financial struggles. But now the company says it is “no longer necessary” for it to retain its minority stake.

PSA’s five-year pledge to retain its 25% stake expired in December, according to Les Echos. The carmaker has since recovered. In 2016 it signed a five-year, €8 billion contract with Gefco for vehicle shipments, parts distribution and other logistics services.