PSA's Gefco Unit Attracts Bidders

At least six potential buyers have emerged for PSA Peugeot Citroen's Gefco logistics unit, Bloomberg News reports.

PSA announced plans in February to sell €1.5 billion in non-core assets to fund expansion outside Europe. The company said it hoped to raise €560 million on the sale of an unspecified stake in Gefco.

The carmaker is soliciting non-binding bids for as much as 90% of the unit by Friday, Bloomberg says, citing unidentified sources.

Paris-based Axa Private Equity tells the news service that it will make a preliminary bid. A union official says France's national railway operator is interested in Gefco.

Other prospective bidders include a handful of major private equity firms New York City-based Apollo Global Management and Clayton, Dubilier & Rice, London-based CVC Capital Partners and Paris-based private equity firm PAI Partners according to Bloomberg.