Deal News Transportation & Logistics What's up in your market – a ...

Deal News – Transportation & Logistics 

What's up in your market – a focus on deals activity, October 2012 

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16. October 2012 

Research Center 

Deal News 

Transportation 

& Logistics 

What's up in your 

market – a focus 

on deals activity



CP Carga 

privatization delays 

prompt EU to press 

Lisbon for swift sale 

of operator - report 

Globaltrans 

shareholder TIHL 

seeks to sell 5.6% of 

company shares via 

private placement 

RATP Dev plans to 

form rail JVs in 

GCC 

The privatization of CP Carga, the freight division of Portuguese state 

railway operator CP, has faced successive delays and the European 

Commission is urging the Lisbon authorities to take rapid measures to 

sell the company, reported Diario Economico. Sources close to the 

process said that Brussels wants Portugal's Government to begin 

unbundling of CP Carga's freight terminals to control of an independent 

body to prepare the operator's privatization. CP Carga was originally to 

be privatized this year and the EU had urged Portugal's rightist coalition 

executive to take measures needed for its rapid privatization, the same 

sources said. In 2011 CP Carga had revenues of just under EUR 58m. 

16.10.2012 Diario Economico 

Transportation Investments Holding (TIHL), the owner of a 40.3% stake 

in Russia’s private freight rail operator Globaltrans, plans to sell 5.6% of 

company shares in the form of global depositary receipts (GDRs). 

Vedomosti reported this information citing a Globaltrans statement. The 

sale will be through a private placement. The organisers of the 

placement are Morgan Stanley, Deutsche Bank, JPMorgan, and 

Sberbank CIB, Vedomosti reported, quoting a Russian newswire. The 

sale is expected to raise USD 210m, the item added. 

16.10.2012 Vedomosti 

RATP Dev, a French state-owned transport operator, is planning to form 

joint ventures with companies within the rail sector in the Gulf 

Cooperation Council (GCC), a company source told this news service. 

RATP Dev is focussing its growth on both developed countries and in 

countries where high expenditure in the rail sector is predicted. The 

source said that the company is interested in “accelerating" its growth in 

light rail projects in particular, of which there are a number planned in 

the GCC. These include a USD 7bn metro and tram in Abu Dhabi and the 

AED 1.2bn (USD 326.7m) Al Sufouh tram system in Dubai. RATP Dev 

has been in talks with Dubai’s Roads & Transport Authority (RTA) to 

operate the Al Sufouh tram when it is complete, as reported. There are 

also metros planned for Riyadh and Jeddah in Saudi Arabia, Kuwait and 

Doha, the Qatari capital. RATP Dev is planning on setting up permanent 

operations in the GCC to support its growth plans, the source added. 

Although RATP Dev has left it late to enter the region compared to its 

competitors it is "not too late", an industry source said, adding that the 

rail industry in the GCC is not "mature" so there will be room for more 

players. Potential JV partners for RATP could be contractors already 

working on transport projects across the region such as ARG, Habtoor 

Leighton and John Holland, the industry source said. RATP Dev recently 

formed a JV in Algeria with local construction agency Enterprise du 

Metro d'Alger and public transport provider Etablissement de Public



NTK's freight cars 

fleet to be 

transferred under 

management of 

Freight One 

KfW will not decide 

on Railpool stake 

before other half 

sold 

Peter Roessler 

Transport files for 

insolvency 

PGK 25% stake has 

two bidders 

Transport Urbain et Suburbain d'Alger. This JV will operate the future 

tramway networks in Algeria, as reported. 

15.10.2012 Proprietary Intelligence 

The Board of Directors of Freight One (PGK) has approved the lease of 

freight cars between PGK and Independent Transport Company (NTK), 

the Russian transportation holding UCL (UCLH) announced on 

Thursday. The combined fleet under the sole management of PGK will 

include 193,787 rail cars, the statement said. In particular, PGK will take 

under management the 26,470 gondolas, 1,110 pellet cars, 25 cement 

tanks, and 18 cisterns. According to the statement, the combining of 

PGK and NTK car fleet is the first stage of the integration of the two 

operators. The process also involves consolidation of business processes, 

and personnel of both companies. Kommersant picked up this 

development and reported that both NTK and PGK are part of Vlaimir 

Lisin’s UCLH. The holding owns 75% in PGK. Kommersant also reported 

that both UCLH and Russian group AFK Sistema seek to acquire the 

remaining 25% stake in PGK, from Russian Railways. 

12.10.2012 Company Press Release (Translated) 

KfW IPEX-Bank, the German government-backed development bank, is 

unlikely to sell its 50% stake in the train leasing company Railpool until 

a buyer is found to replace its partner in the joint venture, two people 

familiar with the situation said HSH Nordbank said in May it would sell 

its half of Railpool, hiring Lincoln International to find a buyer. This 

week HSH, KfW and Lincoln declined to comment on the progress of the 

sale but one of the people familiar said KfW would wait to see who 

acquires the stake before deciding whether to sell its own investment. 

Munich-based Railpool leases passenger, goods and long distance trains 

to a number of local and European operators. 


Peter Roessler Transport (PRT), the privately owned Austrian freight 

group, has filed for insolvency at a regional court in Wiener Neustadt. A 

German-language press release issued by Austrian credit reference 

agency Alpenlaendischer Kreditorenverband (AKV) said the company 

has entered a restructuring process without self-administration. 


RZD, the Russian railway network, has two bidders for its 25% stake in 

First Freight Company (PGK), Vedomosti reported. The report cited the 

President of RZD Vladimir Yakunin, who named the bidders as AFK 

Sistema and UCL Holding. The report quoted Yakunin as saying that 

negotiations were taking place on the matter with a view to selling the 

stake by December. 

11.10.2012 Vedomosti



Pacific Network 

Global Logistics to 

be acquired by 

Damco 

UPS/TNT Express: 

EU to release 

‘statement of 

objections’ as early 

as next week – 

report 

Damco, the global freight forwarder and logistics provider, will acquire 

Pacific Network Global Logistics (PacNet), a leading freight forwarder in 

China and Australia. Damco is the logistics arm of the A.P. Moller- 

Maersk Group, with 10,800 employees worldwide and a turnover of USD 

2.8bn in 2011. PacNet, headquartered in Australia, has 382 employees 

and a turnover of USD 180m in FY2011. Damco has been looking to 

strengthen its overall presence in Australia in the segments where 

PacNet is active for some time. Combining forces with PacNet is in that 

context a very logical step and an almost perfect fit. By combining forces 

with PacNet, Damco significantly enhances its platform in the North 

Asia and Asia Pacific regions. As a result, Damco will gain market 

leadership positions in retail and lifestyle sectors in Australia and 

further strengthen its position in airfreight from China to Australia. “I 

am happy to be joining forces with PacNet which is another good step 

forward to further build our global business. PacNet has a high 

reputation for service in Australia, in the apparel, footwear and retail 

sectors,” says Damco CEO Rolf Habben-Jansen The acquisition will 

strengthen Damco’s forwarding capabilities in Australia, Hong Kong and 

Mainland China. “We have seen a growing demand for a broader 

outreach in recent years and we feel that by joining Damco we can 

provide our customers with a strong global presence,” says Paul 

Milborrow, CEO of PacNet. The PacNet senior management team will 

join Damco, and the existing operations will be run by largely the same 

people and the same teams, with no disruption to the high level of 

service all customers are accustomed to receiving. 

10.10.2012 Company Press Release(s) 

The European Commission could release a “statement of objections” to 

the proposed takeover of TNT Express by UPS next week, the Financial 

Times reported. The newspaper cited people involved in the process who 

said the EU’s investigation of the deal is nearing a conclusion. 

Investigators have informed UPS that the statement of objections will be 

released unless the listed, Atlanta, Georgia- based package delivery 

group offers to make disposals or commitments on antitrust issues, the 

item said. UPS will only formally offer such commitments after it has 

reviewed the full EU objections to the deal, according to the report. UPS 

said it and TNT Express would continue talks with the regulator and that 

they were confident that the EUR 5.2bn (USD 4.04bn) takeover will be 

cleared. EU competition commissioner Joaquin Almunia has concerns 

that the acquisition of Netherlands-based TNT Express would leave 

Europe with only three companies with the capability to provide 

comprehensive services, the report continued. The impending release of 

the statement of objections, while not unusual, is a setback for UPS, the 

article said, adding that the company had initially been hoping to secure 

regulatory approval for the deal in July. 

10.10.2012 Financial Times



Metrans takes over 

Container Terminal 

in Krems 

Russian Railways 

plans to gain RUB 

118bn from asset 

sales over 2012– 

2013 

Grupo Rangel 

acquires company 

in Mozambique, 

eyeing Brazil, board 

member says 

HHLA’s subsidiary Metrans has acquired the company which operates 

the trimodal container terminal in the Austrian port of Krems on the 

Danube. The company was taken over from Mierka Donauhafen Krems 

GmbH & Co. KG. The terminal will now provide a direct link between 

the German seaports and the economic region of Lower Austria. “The 

new site at Krems allows us to expand our Metrans network with a 

terminal that is strategically well-placed in the centre of Lower Austria. 

It offers excellent conditions for extending Austrian traffic to and from 

the European seaports we serve,” explained Jiri Samek, managing 

director of Metrans. To start with, three pairs of trains per week will link 

Krems with Hamburg and Bremerhaven. The trimodal container 

terminal in the Danube port of Krems is linked via train, roads and 

inland waterways. The site, with an area of 30,000 m2 and four 680metre-long 

sidings, fulfils all the criteria for a comprehensive range of 

services in maritime container logistics. To this end, Metrans is using its 

high-performance hub-and-shuttle system to focus on its own terminals, 

wagons and locomotives as well as complete customer service dealing 

with rail container transport. The terminal is already being used by 

renowned shipping companies and forwarding agencies. Metrans now 

links the Czech Republic, Slovakia, Hungary, Austria as well as southern 

and eastern Germany with Germany's seaports and the Slovenian port of 

Koper on the Adriatic Sea by means of high-performance rail services 

and hubs. 

10.10.2012 Company Press Release* 

Russian Railways (RZD), the state-owned Russian railway network, 

plans to gain RUB 118bn (USD 3.78bn) over 2012–2013 from the sale of 

assets, Vedomosti reported. The paper cited a company prospectus for a 

eurobond issue. By end-2012, RZD plans to sell 25% of cargo operator 

Freight One (PGK), 75% minus-one-share in locomotive repair company 

Zheldorremmash, and 50% plus-one-share in Roszheldorproject. 

Vedomosti reported that AFK Sistema and UCL Holding, the bidders for 

the blocking stake in PGK, had already submitted detailed offers to 

JPMorgan, the agent in the sale process. The item continued that the 

sales of 25% minus-three-shares in Central Suburban Passenger 

Company (CPPK), 50% minus-two-shares in RZDstroy, and 75% minustwo-shares 

in Pervaya Nerudnaya Kompania were postponed until 2013. 

The article cited a Raiffeisenbank analyst, who estimated that the cost of 

a PGK blocking stake could exceed RUB 40bn. 


Grupo Rangel, the private Portuguese transportation company, has 

acquired a company in Mozambique and is eyeing targets in Brazil, 

according to Nuno Rangel, board member and son of founder, president, 

and majority owner, Eduardo Rangel. Rangel also said that his company 

is eyeing potential acquisitions in Brazil. He said it is working on 

identifying targets with two local consultants, which he declined to



Georgia's incoming 

government could 

push to privatize 

Georgian Railway 

rolling-stock - 

government source 

name. He also would not provide details about the targets, though he 

said it has been studying its strategy for Brazil in-house, and this will 

likely involve the acquisition of several small companies, each from a 

specific region, rather than one big one. He specified that it is interested 

in transport companies operating internationally and not just the local 

market. Rangel also confirmed a recent joint venture with Angolan firm 

Multiparques to build a logistics centre in Luanda. He noted that its 

Angolan transport operations are separate from this joint venture. As 

reported earlier this year, Grupo Rangel also entered a joint venture with 

Hellmann World Wide Logistics to link Lisbon and Porto with British 

distribution centres. The Portuguese press said this JV gives Grupo 

Rangel access to freight depots in London and Lichfield, UK. Grupo 

Rangel is the exclusive representative of FedEx in Portugal and Angola. 

In an interview with the Portuguese press in July, President Eduardo 

Rangel said that it expects sales of EUR 115m for 2012, 40% of which 

will come from outside Portugal. 


Georgia's new government will seek to privatize the rolling-stock for 

Georgian Railway, while maintaining state control of the rail 

infrastructure, a source in the newly elected government said. Davit 

Onoprishvili, an economic advisor for the Georgian Dream coalition 

which won Georgia’s parliamentary elections October 1, is one of two 

authors of the coalition’s platform and is a candidate for a top post in the 

Finance Ministry. He said that he intends to push for Georgian Railway 

to carry out the recommendations of a restructuring proposal for the 

company authored by Booz Allen Hamilton (BAH) in 2005. “We want 

hold on to the strategic assets, but have a normal relationship with 

another company or companies that will maintain the rolling-stock and 

transit goods,” Onoprishvili said. According to BAH’s 2005 data, rollingstock 

of the Georgian Railway consisted of 12,636 units. This comprised 

locomotives, as well as passenger and freight wagons, though only 53% 

of the wagons were in working condition. The Open Society Georgia 

Foundation estimated at the time that USD 900m in investment would 

be required to fully replace the aged wagons. In July, Georgian Railway 

issued USD 500m in 10-year Eurobonds with a 7.75% coupon to pay 

back its five-year USD 250m Eurobonds issued in 2010 with a 9.8% 

coupon. Onoprishvili said this was “exactly the wrong plan,” and said 

that the privatization might help pay back the company’s increasing 

debt. Newly-elected parliamentarian and co-author of Georgian Dream’s 

economic platform, Nodar Khaduri, said that the government will 

immediately investigate Georgian Railway’s finances after taking power, 

with the belief that it is in “huge debt.” Davit Onoprishvili, who was also 

elected to Parliament in the recent elections, served as the CEO of 

Georgian Railway from 2005-2006. 

09.10.2012 Proprietary Intelligence



Abnormal Load 

Services Holding 

60% acquired by 

Wallenius 

Wilhelmsen 

Logistics 

VTB to provide USD 

800m loan to 


for Gefco deal - 

report 

Rosneft challenges 

in court results of 

SG-Trans 

privatisation 

Wallenius Wilhelmsen Logistics (WWL), the global provider of 

outbound logistics solutions, joins forces with Abnormal Load Services 

Holding B.V (ALS), the specialist in out of gauge transport and supply 

chain solutions, through the acquisition of a 60% stake in the company. 

ALS will become an integrated part of the WWL product offering, 

adopting the name Wallenius Wilhelmsen Logistics Abnormal Load 

Services (WWL ALS). Erik Noeklebye, WWL Head of Region Europe, 

elaborates: “Today OEM’s are forced to look at the supply chain in a 

fragmented fashion due to a lack of integrated service providers. Ocean 

transport, land transport, technical services, plant handling, etc are 

often contracted separately, forcing the OEM to involve a lot of resources 

to manage a fragmented supply chain, driving costs up and quality 

down. Through WWL ALS, we will be able to offer these customers 

seamless finished vehicle logistics solutions with one customer interface 

and a global presence.” ALS’ CEO René Van De Vin believes the 

prospects for the company are excellent. “This opportunity makes 

perfect sense as both companies serve a global client base. By combining 

our skills and resources we will open up further opportunities for WWL 

and ALS’ customers, prospective clients, suppliers and employees.” 


Russian bank VTB will provide a USD 800m loan to state-owned 

Russian Railways (RZD) to finance the purchase of French logistics 

group Gefco, Vedomosti reported. The newspaper cited a source close to 

VTB and an unspecified federal official. The loan would unsecured a 

source told Vedomosti, without revealing other parameters. RZD plans 

to refinance the debt by issuing bonds, Vedomosti reported. As 

previously reported, RZD is buying a 75% stake in Gefco from listed 

French carmaker Peugeot. 


Rosneft, Russia’s listed, state-controlled oil company is challenging the 

results of the privatisation of railway operator SG-Trans, which fell into 

the hands of AFK Sistema, Vedomosti reported. The article cited court 

documents, noting that the Moscow Arbitration Court had forbidden 

Renaissance Broker—the Russian Federation’s agent for the sale of SG- 

Trans—from conducting any action to transfer SG-Trans shares. Such 

measures were imposed by the court in a lawsuit filed by Rosneft’s RN- 

Trans unit against Renaissance. Citing the court documents, Vedomosti 

reported that the lawsuit was filed on 27 September and that the court 

hearing is scheduled for 31 October. RN-Trans wants the results of an 

auction for SG-Trans invalidated. According to documents from the RN- 

Trans lawsuit, Vedomosti reported that Renaissance did not allow 

companies with state ownership to participate in the sale process of SG- 

Trans,. The article reported that Russian group AFK Sistema won the 

auction for a 100% stake in SG-Trans, offering RUB 22.7bn (USD 

731.4m). The starting price was RUB 10.1bn. Vedomosti continued that



UCL Rail to be ready 

for IPO by middle of 

2013 

Norbert 

Dentressangle buys 

50% in Nova Natie 

by acquiring 

Contract Logistics 

division 

Rico Logistics 

acquired by TVS 

Supply Chain 

Solutions 

Sistema BoD 

approves company 

participation in 

auction for Freight 

One blocking stake - 

report 

state property agency Rosimushchestvo plans to become involved in the 

dispute, supporting AFK Sistema. Vedomosti cited a Rosimushchestvo 

spokesperson, noting that Renaissance was acting within the agent 

contract and in accordance with the law. 


UCL Rail, the railway operator owned by Vladimir Lisin, will be ready 

for an IPO by the middle of 2013, Vedomosti reported. The item cited a 

company spokesperson. The date and parameters of the IPO are not 

disclosed. Veodmosti reported that the subject of the initial public 

offering was discussed at one of the meetings of the board of directors of 

Freight One (PGK). Russian railway operator Freight One will become a 

part of UCL Rail, said the report. As previously reported, Lisin’s holding 

UCLH owns 75% minus one share in Freight One. 


Norbert Dentressangle, the French logistics group, acquired 50% in 

Nova Natie by taking over the Contract Logistics division, de Tijd wrote 

citing Nova Natie co-owner and General Manager, Rik Geerardyn. He 

said Nova Natie over-invested, which resulted in losses during the last 

years. With the proceeds of the sale, Nova Natie can continue its 

operations, Geerardyn added. The Contract Logistics division has 250 

employees and saw a turnover of around EUR 45m. Before the sale, 

Nova Natie reported annual revenues of around EUR 100m. 

06.10.2012 De Tijd 

Rico Logistics, the UK-based logistics company, has been acquired by 

peer TVS Supply Chain Solutions (TVS SCS), Insider News reported, 

citing Rico Logistics Managing Director Sam Sharma. The report did not 

mention a deal value but said Rico generates a turnover of GBP 45m. 

Sharma retained a considerable amount of his shareholding in the 

business and will continue to run the business as Chief Executive in the 

long term, the company announced separately on its website. 

05.10.2012 Insider News 

The Board of Directors of AFK Sistema Group has approved the 

company participation in an auction for a 25% stake in Freight One 

(PGK) cargo operator, Kommersant reported. The article cited an 

unidentified source for this information. The spokespersons for Sistema 

did not provide a comment on the above development. The blocking 

stake in PGK is owned by Russian Railways (RZD), said the report. The 

75% stake minus one share in PGK is held by Vladimir Lisin’s 

Independent Transport Company (NTK). Kommersant reported that 

NTK will be a rival to Sistema in a bid for PGK blocking stake. The 

auction is planned for the middle of October. 

05.10.2012 Kommersant



TNT Express: UPS 

prepared to sell all 

international small 

package operations 

to clear EC 

Scanidc Trans buys 

Scan Wheels 

RZD's stake in 

Transcontainer 

transfer to united 

logistics company 

seen premature by 

MinEkonom 

Razvitia 

UPS is prepared to dispose of all TNT Express international small parcel 

delivery operations if necessary, to secure EC competition clearance for 

its deal, it is understood. The two companies formalised this agreement 

in a contract before announcing the EUR 5.16bn takeover to give TNT 

Express assurance the US group would submit sufficient remedies to 

secure EC competition clearance, it is understood. Merrill Lynch would 

handle the disposals for UPS, it was said. The potential international 

small package delivery disposals encompass all cross border flow and are 

said to be “significant”. UPS is understood to be waiting for the EC to 

issue a statement of objections (SO) before it submits any remedy 

package and strikes deals with potential buyers. But it was suggested 

that talks may have already begun with parties including FedEx and 

GLS. It was also said UPS is willing to sell assets to its domestic rival 

FedEx if that is what it takes to get clearance. European Competition 

Commissioner, Joaquin Almunia, has expressed that the EC’s analysis of 

the deal is focused on whether the merged UPS/TNT would be 

challenged by the other two integrators Deutsche Post’s DHL and FedEx. 

FedEx is said to have expressed willingness to buy assets to be disposed 

as part of the competition process, but it was suggested that much would 

depend on FedEx’s existing network in Europe. For some operations, for 

example in Belgium, GLS was described as a better fit. It is not entirely 

clear how executable some remedies may be, as much depends on the 

buyer’s existing network. Should UPS look to sell some small parcel 

delivery operations, it would need to sell the hub, the destination 

gateway and other infrastructure servicing those particular contracts. It 

was also pointed out that some infrastructure may be shared with other 

services so it was not clear how easy it would be to carve these assets out. 

Much of the EC’s concerns are said to be around next day time certain 

delivery, in which many cases, planes are required. 


Scandic Trans, the Finnish transport and logistics group, has bought all 

of Scan Wheels, the Finnish transport specialist according to Ilkka. It 

cited Mikael Lofqvist, the chief executive of Scandic Trans who said that 

the company wanted to expand its operations to new geographical 

regions. Scan Wheels had sales of EUR 0.8m last year, according to a 

statement. 

04.10.2012 Ilkka 

Russia’s Ministry of Economic Development (MinEkonomRazvitia) 

believes that a transfer of RZD’s stake in Transcontainer to the equity 

capital of a united logistics railway company of Belarus, Russia and 

Kazakhstan, is premature. Vedomosti reported this information, citing a 

letter from Deputy Economy Minister Sergei Belyakov to the 

government, dated 18 September. Belyakov said that there is no 

feasibility study produced by the container company which is being 

formed, the paper reported. In Belyakov’s view, Transcontainer’s stake



Croatian 

government seeks a 

strategic parter for 

HZ Cargo 

could be sold in an auction at a price almost 30% higher than the current 

price, of RUB 27bn (USD 864.9m), the item added. The state-owned 

RZD (Russian Railways) holds 50% + one share in Transcontainer, the 

Russian intermodal container transportation company, as reported. 


The Croatian government is seeking a strategic parter for HZ Cargo, a 

division of Croatian Railways, Transport Minister Siniša Hajdaš Dončić 

was quoted as saying by poslovni.hr. Speaking at at the 2012 SEE rail 

investment conference, the minister called investment into railway 

infrastructure one of the government's priorities, the item said. HZ 

Cargo's 2011 revenues were HRK 978.96m (EUR 130.9m), according to 

its financial statements. 

03.10.2012 Poslovni 

CF&S Estonia Last week the logistics and forwarding concern CF&S Estonia AS closed 

acquires 

the deal with UAB Transekspedicija on purchase of shares of SIA 

Transekspedicija LV Transekspedicija LV. Selling the stake in acquired company enables 

Transekspedicija UAB to focus to its core trucking activities in Lithuania. 

The transaction was advised by Law offices Pohla & Hallmägi and Varul, 

financial advisors Ernst & Young Baltic, Deloitte, and Keystone Advisers. 

The well-developed warehousing, multimodal, rail transport and 

trucking capabilities of Transekspedicija LV, founded in 2001, will be 

complemented by the ship’s agency and forwarding activities of CF&S 

Latvia SIA – a subsidiary of CF&S Estonia AS founded in 2005. After 

going through the relevant procedures CF&S Latvia and 

Transekspedicija LV will be merged together and services will be offered, 

as agreed with Transekspedicija UAB, under CF&S trademark. The 

merged company will be one of the biggest logistics companies in Latvia 

operating with own trucks and rail rolling stock. The company is offering 

road and rail transport within EU and CIS countries, handling high and 

heavy cargoes, ship agency and (bonded) warehousing services. 

Veolia Transdev 

close to being 

majority-owned by 

CDC - report 


Caisse des Depots et Consignations (CDC), the financial arm of the 

French government, is understood to have reached an agreement to take 

the majority of the capital of French public transport operator Veolia 

Transdev (VTD), daily Le Figaro reported. The report cited sources as 

saying that a deal could have been agreed between CDC, which already 

owns 50% of VTD, and Veolia, so that CDC increases its stake to 60%. 

Veolia, which currently owns 50% of VTD, would reduce its stake to 40% 

and decrease the financial exposure in the group to less than EUR 500m, 

one person familiar with the matter said. The report added that the deal 

could take place via a reserved capital increase and a conversion of debts 

so that CDC increases its shareholding to 60%. As part of the agreement, 

VTD is expected to implement in 2013 a significant assets disposal 

programme, which will include some international operations of the




reaches agreement 

with banks to raise 

financing for Gefco 

deal - report 

Summa to acquire 

Fesco shares by end 

of autumn 

Ekol Lojistik buys 

53% stake in 

Komora 

LitCapital invests in 

NNL LT 

group. The proceeds will be used to repay the debts owed to Veolia, the 

report added. The report named French transportation groups Keolis, 

owned by SNCF, and RATP, as well as German group Rethmann, as 

potential buyers for the assets. Another report from daily Les Echos also 

mentioned the advanced talks between CDC and Veolia, adding that 

CDC submitted an offer for VTD last week. The report, which cited 

several sources, claimed that the parties have however yet to agree on a 

deal and that Veolia is asking CDC to improve some parts of its offer. 

03.10.2012 Le Figaro 

State-owned Russian Railways (RZD) has reached an agreement with 

banks to raise financing for the purchase of 75% in French logistics 

group Gefco, Vedomosti reported. The newspaper cited a source in RZD 

for this information. The above stake is valued at EUR 800m, said the 

report. If the transaction is completed, RZD’s debt burden at the end of 

2012 will stand at approximately RUB 400bn (EUR 9.94bn), the paper 

also reported, citing Pavel Ilichev, deputy head of corporate finance 

department at RZD. The vendor of the stake is listed French carmaker 

Peugeot, as reported. 


Summa Group, owned by Ziavudin Magomedov, will acquire shares in 

Russian transportation company Fesco by the end of autumn, Vedomosti 

reported. The article cited Sergey Generalov, the core owner of the Fesco 

group. Further details were not disclosed. 


Ekol Lojistik, the Turkish logistics company, has bought a 53% stake in 

the Ukrainian logistics company Komora, according to a report in Sabah. 

The report quoted Tayfun Oktem, CEO of Ekol Lojistik, as saying that 

the company has reached a warehousing capacity of 80,000 square 

metres in Europe with this latest deal. The company is expecting its 

Ukrainian affiliate to post EUR 20m turnover in 2013, and noted that 

the target will receive EUR 20m of investment. The company is 

expecting its European operations to bring in EUR 75m of turnover. 

Ekol invested EUR 10m on its European expansion this year, the report 

continued. 

03.10.2012 Sabah 

LitCapital has signed the investment agreement with NNL LT UAB – the 

only independent temperature controlled food products logistics 

company in Lithuania. LitCapital added a fifth company to its 

investment portfolio by signing an agreement to invest into a third party 

logistics (3PL) company NNL LT UAB. NNL LT is comprised of two 

companies – Nordnet UAB and Tehoreal UAB. 

02.10.2012 Company Press Release(s)



NS rivals oppose 

deal with HTM 

Transoil: Gennady 

Timchenko in talks 

to sell 13% to Andrei 

Bokarev - report 

UGMK buys 25% in 

Transgroup 

DSV acquires road, 

air and sea 

operations of AWT 

Cechofracht 

Veolia, Arriva, Connexxion and Syntus, the commercial transport 

providers in the Netherlands, all oppose Dutch railway operator 

Nederlandse Spoorwegen's (NS) intended deal with The Hague 

regarding the acquisition of 49% in public transport company HTM, het 

Financieele Dagblad reported. The report cited the commercial transport 

providers as saying NS and The Hague are not following the rules and 

therefore they will go to the Dutch First Chambers today to try and stop 

this plan. Manu Lageirse, Chief Executive at Veolia, said that Dutch 

municipalities can grant the operation of a city's transport to a transport 

company of their choice. However, The Hague has now granted a 49% 

holding of its public transport to a monopolist such as NS. The 

commercial transport providers want to be able to bid to operate public 

transport operations. The Dutch First Chambers will vote today on a law 

regarding this matter. A spokesperson at NS said that they can finanlise 

the HTM acquisition following the law. 

02.10.2012 Het Financieele Dagblad 

The Russian entrepreneur Gennady Timchenko is ready to sell a 13% 

stake in Transoil, the largest Russian rail operator transporting oil and 

oil products to structures owned by Andrei Bokarev. Vedomosti reported 

this, citing a source close to Timchenko, who also confirmed that the 

businessman is in talks with Bokarev. Another source cited in the paper 

claimed that if the deal takes place, it will be have the participation of 

Iskander Makhmudov, Bokarev’s business partner in Kuzbassrazrezugol 

and Transmashholding. The deadline for completion of talks and the 

discussed price were not disclosed by the sources. Another source is 

convinced that the deal had already taken place, Vedomosti added. 


Ural Mining and Metallurgical Company (UGMK) has acquired a 25% 

stake in Transgroup, the Russian transportation group, Vedomosti 

reported, citing an UGMK statement. UGMK is a Russian mining and 

metallurgy group owned by Iskander Makhmudov. According to 

Vedomosti, the main asset of Transgroup is its 25% stake in 

Aeroexpress, the rail company providing passenger transport to airports 

of Moscow and Vladivostok. UGMK also seeks to acquire a 40% stake in 

UGMK-Trans, the Moscow-based cargo transport company, from 

Transgroup, Vedomosti reported. As a result, UGMK will increase its 

ownership in the company to 90%, it added. 


DSV, the Danish listed logistics company, has acquired part of the 

operations of AWT Cechofracht, the Czech privately-owned logistics 

company, said DSV Road a.s. CEO Petr Chocholaty. DSV has bought the 

road, air and sea and domestic distribution operations of AWT, which 

had combined turnover of around CZK 800m (EUR 31.9m) in 2011. This 

should bring DSV's Czech turnover to around EUR 70m this year, he



Ferest Logistics 

seeks PE or 

strategic investor to 

boost its operations 

– owner 

TCW Wustermark 

81% stake acquired 

by Nagel-Group 

added. Chocholaty said DSV could look to make more acquisitions in the 

Czech Republic to further increase its market share. Parent company 

DSV continues to be interested in generally expanding through buys, he 

said. Even though it is one of the top six logistics companies in the Czech 

Republic, DSV's market share will still only be 4% following the 

acquisition of some AWT activities, he said. However, for the next year 

or two DSV will focus on integrating AWT's operations and rebranding, 

Chocholaty added. 


Ferest Logistics, the logistics arm of private Romanian railway cargo 

carrier Vest Trans Rail, is looking for an investor to help it expand its 

operations, said Cornel Garoseanu, owner and chairman of Vest Trans 

Rail. The company would be interested in speaking to both strategic and 

PE investors as it looks for financing, Garoseanu told this news service. 

“We are the second-largest private railway logistics company in Romania 

after the Romanian Railway Group (GFR), but at this point we have 

simply ran out of cash for working capital, not to mention other 

investments,” he said. Garoseanu said he would no problem selling more 

than 50% in the asset, provided the investor was interested in using 

Ferest as a consolidation platform, including via acquisitions of smaller 

players. Over the last two years Ferest has struggled to break even, 

Garoseanu noted, adding that he has had to inject some EUR 6m into 

the company to keep it afloat. Ferest Logistics expects to reach a 

turnover of EUR 12m in 2012, accounting for half of Vest Trans Rail’s 

turnover, Garoseanu noted. Data provided by the Ministry of Finance 

indicated that last year Vest Trans Rail generated a turnover of RON 

37.6m (EUR 9m), up from RON 11m (EUR 3m) in 2010. 


To this day, the food logistician Nagel-Group operating throughout 

Europe has assumed 81% of the company shares of Tiefkühllogistik- 

Center Wustermark GmbH (TCW). This acquisition is still subject to the 

approval of the Bundeskartellamt (German Federal Cartel Office) as 

regards merger control law. After establishing their subsidiary Eurocool 

Nagel GmbH & Co. KG in 2010, the Nagel-Group has set a further 

strategic milestone with the step of the acquisition of the shares of TCW 

to consolidate their European network in the frozen range. In addition to 

the current Managing Director Katrin Stiemer, the Management is 

assumed by Jonathan Adeoye (Manager of the Nagel Branch in 

Wustermark) and Rainer Wittenfeld (Manager Business Development 

Frozen Food Logistics of the Nagel-Group). In 2011, the company had a 

turnover of approximately EUR 12m. Silence was agreed concerning the 

purchase price. 




DSV to acquire 

Swift Freight Group 

of Companies 

Yusen receives 

approval for Catoni 

buy 

GVB would 

welcome 

collaboration with 

NS 

DSV, the Danish transport group, has signed an agreement to acquire 

the Swift Freight Group of Companies, the company stated in a press 

release. Swift Freight is headquartered in Dubai, with offices across 

Africa, the Middle East and Asia. The company specialises in transport 

solutions across the region, has 400 employees and generates revenue of 

approximately USD 70m. The acquisition agreement includes full 

ownership of the companies in UAE, China and India and initially a 33% 

share of ownership of the companies in Africa. DSV is expected to 

assume full ownership of the African entities over an agreed period of 

time. No financial details of the acquisition have been disclosed. 


Yusen Logistics has bought into the Turkish Catoni Hava ve Deniz 

Tasimacilik Transportation Organisation Operations. Turkey's 

Competition Authority announced that it has approved Yusen's 

acquisition of a part of the target, through a Turkish unit. 

01.10.2012 Stock Exchange Announcement* 

GVB, the public transport operation of Amsterdam, would welcome a 

collaboration with Dutch railway operator NS, NRC Handelsblad wrote 

citing Bert Schmeink, manager at GVB. He said this in an interview after 

it was published yesterday that NS acquired 49% in The Hague public 

transport operator HTM. Schmeink added he also would welcome closer 

ties with rival public transport companies such as RET (Rotterdam) and 

HTM (the Hague). He would not consider a merger with these rivals, 

however. 

29.09.2012 NRC Handelsblad 

CDON Group to CDON Group AB, the leading e-commerce Group in the Nordic region, 

acquire Business today announced that it has signed a deal to acquire Business Linc BL 

Linc’s logistical AB’s operations in Falkenberg, Sweden. The acquisition of the logistical 

operations in operations is an important step toward strengthening the Group’s value 

Falkenberg, Sweden chain and delivering a high level of customer satisfaction. Business Linc 

is a third-party logistics company with focus on the e-commerce market. 

The company operates approximately 50,000 sq. m. of warehousing 

space in Falkenberg. The acquisition is structured as an assets deal and 

all approximately 340 personnel will be offered employment in the 

CDON Group. The acquisition is expected to be completed on 1 October 

2012. The acquisition of the operations includes the majority of its assets 

as well as the liabilities attributable to these assets that arise after the 

transfer. The purchase price of SEK 10m is to be paid in monthly 

instalments of SEK 1m each. CDON Group already operates logistics for 

the stores Tretti, Gymgrossisten, Bodystore and Rum21. 




NS eyeing more 

buys in public 

transport 

Sistema wins bid for 

SG-Trans offering 

RUB 22.77bn 

highest price 

NS, the Dutch railway operator, is eyeing more buys in public transport 

after it, yesterday, acquired a 49% stake in HTM, the Hague public 

transport company, de Telegraaf reported. The report cited reliable 

sources at NS as saying that NS plans to bring HTM and bus operator 

Qbuzz, 49% owned by NS, into the foreign NS subsidiary Abellio, that 

now operates mainly in the UK. In Netherlands NS plans to acquire city 

public transport operations in the large Dutch cities and does not rule 

out partnerships with Rotterdam –based RET and Amsterdam –based 

GVB, NS Manager Merel van Vroonhoven said. She added that NS also 

intends to acquire all shares of buses operator Qbuzz. But, as NS is fully 

owned by the Dutch state, Dutch politicians at the Second Chambers are 

very critical regarding the acquisition plans of NS as they fear that 

travelers will become the victim of such mergers. Foreign competitors 

such as Arriva, Connexxion and Veolia demanded that the Dutch 

ministry of Financial Affairs, the only shareholder at NS, and the Dutch 

competition authority NMa, should study the enormous power of NS on 

the Dutch public transport market. Anne Hettinga, manager at Arriva 

also expressed the opinion of Veolia and Connexxion, saying that they 

can agree with NS acquiring HTM but then the NS should also open up 

the railway market to the competition. 

28.09.2012 de Telegraaf 

Renaissance Capital* announces [on 27 September] the completion of a 

competitive process to select a purchaser for 100% of common shares in 

SG-trans OJSC. Renaissance Capital was appointed by the Russian 

Federation as the sole organiser and executor of the process, through 

which the state is divesting its 100% ownership stake in SG-trans’s share 

capital. Renaissance Capital organised a highly competitive process, 

involving a large number of strategic and financial investors, which 

culminated in competitive, open negotiations to determine the highest 

achievable price for the asset, and select a buyer. Four companies 

participated in the process: OJSC JSFC Sistema, RusTransKom LLC, 

Spetsenergotrans JSC, and TransEvroGaz LLC. The highest price of RUB 

22.77bn [USD 733.1m] was put forward by OJSC JSFC Sistema. The 

buyer, the price and other material terms of the transaction are subject 

to obtaining approval through an order of the Government of the 

Russian Federation. * - According to the order of the Government of the 

Russian Federation, as of September 27th 2011 (№1679-p), Renaissance 

Broker LLC is the only executor of state order for the organization and 

execution on behalf of the Russian Federation of alienation of the state 

owned ordinary shares of SG-trans. Vedomosti picked up this 

development and reported that the government owns 100% stake in SGtrans 

via state property agency Rosimushchestvo. Sistema is controlled 

by Vladimir Yevtushenkov, the item added. 

28.09.2012 Company Press Release*



City of Krasnodar The City of Krasnodar would be interested in inviting external equity 

interested in private investment for the city's railway station, Vladimir Evlanov, the city's 

investors for mayor, told this news service. At the moment, Krasnodar railway station 

Krasnodar railway is scheduled to be modernized using funds from state-owned company 

station - mayor Russian Railways. The city plans to hold talks with Russian Railways in 

the near term to discuss the possibility of private investor involvement, 

the mayor said on the sidelines of the Sochi International Investment 

forum. The funds required for the development of Krasnodar railway 

station amount to RUB 4.9bn (USD 156m). The mayor also said that the 

railway station is a strategic asset for the country, and the government 

should retain a controlling stake in it. The development of the station 

includes extension of the railways building and development of the 

surrounding territories, such as the construction of new parking 

facilities. The Krasnodar region will host the 2014 Winter Olympic 

Games in the city of Sochi. The regional capital city of Krasnodar is one 

of the main gateways into the area. by Maria Petrova in Sochi 


Mackprang 

Mackprang, the family-owned German logistics group, has sold three 

businesses acquired subsidiaries to its peer Trans Service Team (TST) with effect from 1 

by Trans Service October, DVZ reported. The unsourced article said that the acquisition 

Team - report of Süderelbe Logistik, Unisped Logistik and CM Eurologistik will raise 

TST's turnover to around EUR 190m. Süderelbe Logistik has around 200 

full-time employees and 300 temporary workers, according to the 

company's website. 

GCA acquires 

Novatrans from 

SNCF Geodis 

NS acquires holding 

in HTM from The 

Hague municipality 

27.09.2012 DVZ 

Groupe Charles Andre Transports (GCA), the French provider of 

transport and logistics services, has acquired competitor Novatrans, the 

troubled road and rail transportation subsidiary of the French stateowned 

railway operator SNCF, daily Le Parisien reported. The report 

said that Geodis, the logistics division of SNCF, confirmed in a press 

release that 110 employees from Novatrans would be maintained while 

the remaining 147 would be offered positions within the SNCF group. 

The deal is conditional upon agreement from the French competition 

authority. Another report from daily Les Echos also claimed that the the 

European Commission is expected to have a say in the matter. The 

report also cited an insider at Geodis as saying that GCA would have 

received a fee from SNCF to take over Novatrans. Novatrans reported 

losses of EUR 18.6m on revenues of EUR 87m in 2011. 

27.09.2012 Le Parisien 

NS, the Dutch railway operator, has acquired a significant holding in 

HTM, the The Hague public transport company, from the The Hague 

municipality, de Volkskrant wrote. The report cited a spokesperson at 

HTM who confirmed this news, brought first by regional radio 

broadcaster Omroep West. NS acquired 49% of HTM for a deal value of



Oesterreichische 

Bundesbahnen sees 

reaffirmed interest 

from Frank 

Stronach; will 

receive specific 

plans within weeks 

K-Trans bought by 

Heppner 

PostNL widens 

portfolio with Valid 

Express buy 

several tens of millions of euros, Omroep West reported, without citing 

sources for the figures, de Volkskrant added. A spokesperson at NS said 

there will be a press conference today (Thursday) at 10 am together with 

HTM and the The Hague municipality. 

27.09.2012 De Volkskrant 

Austro-Canadian billionaire Frank Stronach, has repeated his interest in 

buying the state owned Austrian railway group Oesterreichische 

Bundesbahnen (OEBB), Trend reported. Stronach told the Austrian 

magazine that he takes the opportunity to possibly acquire OEBB very 

seriously and that he will present more specific plans within the next one 

or two weeks. He added in the magazine that he has a duty to pursue the 

opportunity after he was asked to take over OEBB and highlighted that 

he has often looked at the books of very large companies. As previously 

reported, Michael Spindelegger, the head of the Austrian People's Party 

(OEVP), jokingly commented on Stronach's political ambitions by saying 

Stronach should stick to his metier and buy OEBB instead of starting a 

political career. However, the Austrian transport ministry recently ruled 

out the privatisation of OEBB. Stronach told Trend that he applauds the 

courage of Spindelegger to offer OEBB and added that he hopes that 

Austrian chancellor Werner Faymann, will show similar courage. 

Stronach will be entering the next general election in Austria as the main 

candidate of his own political party. 

27.09.2012 Trend 

K-Trans, a French specialist in freight forwarding to Eastern Europe, has 

been sold by the entrepreneur Alfred Kliman to the transportation 

services group Heppner, WK Transport Logistique reported citing the 

bidder's president Jean Schmitt. K-Trans published revenues of EUR 

11m last year, the article mentioned. It has 65 staff members. 

26.09.2012 WK Transport Logistique 

Dutch parcels delivery firm PostNL NV said today (26 September) it had 

further expanded its product offering through the takeover of local 

courier company Valid Express. The acquired firm was established in 

1999 by Nicolette Mak, who wanted to help her disabled brother find a 

job. It currently has 60 employees at its branches in Amsterdam, The 

Hague/Rotterdam and Utrecht and serves some 600 customers. The 

company has the ambition to offer jobs to chronically ill and physically 

disabled people, the buyer said. Through the acquisition, PostNL will be 

in a better position to meet the various demands of receiving customers. 

The addition will further improve the company's delivery service and 

deepen its social profile, Gerrit Mastenbroek, CEO of PostNL Parcels, 

said in a comment. Financial details of the transaction remained 

undisclosed. 




Gamma 5 Logistics 

looks to form JVs to 

expand, MD says 

Gamma 5 Logistics, a Dubai, UAE-based privately owned freightforwarding 

company, is interested in forming a joint venture with an 

international logistics company, Managing Director and founding 

partner Ghassan Chehade told this news service. The company, which 

operates in the UAE, Saudi Arabia, and Iraq, would like to tie up with a 

small- to medium-sized international firm that is looking for an agency 

in Dubai, Chehade said. He added that Gamma 5 would be interested in 

partnering with a Chinese, European, or US logistics company and 

suggested that Gamma 5 and its partner could form a 50-50 JV, which 

could then be expanded at a later date. Chehade also noted that several 

Chinese firms have approached his company to form partnership 

agreements but that it had not entered into any exclusive deals. 

According to a sector banker in China, an oil, gas, and petrochemical 

trading company would be the most logical JV partner for Gamma 5 

Logistics, suggesting Shanghai Huaxin Petroleum as a possible JV 

partner of Gamma 5. A UK-based industry source noted that the sector 

has seen a number of logistics companies specialising in the 

transportation of petrochemical and oil and gas products setting up JVs 

with Middle Eastern companies. He mentioned the German logistics 

firm Talke and Belgian Katoen Natie as two likely JV candidates in the 

region. The industry source also noted that Middle Eastern chemical 

companies cannot go directly to European transportation companies 

because regulations prevent them from doing so. Instead they must use 

a local logistics company, which can then establish a relationship with a 

European counterpart, he said, giving a rationale for JV structures. 


CFR Marfa’s equity CFR Marfa, the Romanian state-owned rail cargo company, has seen 

and debt sale sparks interest from Poland’s PKP Cargo, the Czech Republic’s AWT and 

interest from PKP Slovakia’s Optifin Invest, said Romania's Transportation Minister 

Cargo, AWT and Constantin Zaharia. “In this early stage we had informal talks. More 

Optifin Invest - details will be available in the memorandum papers, as we hope to sell 

Romanian 

CFR Marfa for a reasonably fair price,” Zaharia said, adding that the 

transport minister government was due to approve the sale of the company this week. 

Spokespeople for PKP Cargo, AWT and Optifin Invest did not reply to 

written requests for comment by the required deadline. The draft law for 

CFR Marfa’s sale stipulates that the winner of the tender will also take 

over the equity resulting from converting into shares company debt to 

the state and to its parent company CFR, the Romanian railroad 

company. In 2011 CFR Marfa generated losses of RON 79.5m (EUR 

17.6m) on a turnover of RON 1.11bn (EUR 244.7m), as previously 

reported. The company’s share capital stands at EUR 56m, its assets 

total EUR 300m, while its outstanding debt amounts to EUR 450m, 

according to Zaharia. 

25.09.2012 Proprietary Intelligence



PKS Polonus' 85% 

stake to be sold by 

Treasury 

Cardinal Maritime 

buys Fielding 

International, 

mandates Altium to 

find investor 

Evraztrans: Evraz 

selects bidders 

UCLH, Globaltrans, 

Neftetransservice 

and Financial 

Alliance - report 

Freight One: 

JPMorgan 

appointed agent for 

RZD's 25% stake 

sale, method yet to 

be determined - 

report 

The Polish Treasury is inviting interested investors to negotiations for 

the sale of an 85% stake in Warsaw-based car transportation company 

Przedsiebiorstwo Komunikacji Samochodowej Polonus (PKS Polonus). 

The deadline to submit expressions of interest is 30 October 2012, 2PM 

local time, the Treasury said today in a statement published on its 

website. The Treasury owns 100% of shares in PKS Polonus. F5 

Konsulting Sp z oo is the exclusive privatisation advisor. The interested 

investors will be able to purchase information memorandum on the 

company, for PLN 100 paid to the Treasury, according to the statement. 

Polonus, which has 442 staff, posted sales of PLN 56.43m (USD 17.7m) 

and a PLN 3.22m net profit in 2011, the Treasury says on its website. 

25.09.2012 Government Press Release (translated) 

Cardinal Maritime Group has purchased the Manchester-based freight 

forwarder Fielding International, Insider News said, citing Fielding 

International founder Tracy Clough. The buy is part of Cardinal 

Maritime's buy-and-build strategy on its way towards a target of GBP 

100m turnover by 2015, the item noted. Fielding International has a 

strong presence in the Americas and Asian markets and the deal will 

allow its client-base to benefit from the increased operational and 

financial efficiencies and an increased range of supply chain services. 

25.09.2012 Insider News 

Evraz, the listed Russian steel group, has held the first round of bidding 

for its railway operator subsidiary Evraztrans, Kommersant reported. 

The report quoted industry sources. Evraz selected four bidders: UCLH, 

Globaltrans, Neftetransservice and Financial Alliance. The article added 

that Evraz is expected to select the buyer by the end of October. 

According to market sources, Evraz seeks more than USD 250m for 

Evraztrans, Kommersant reported. Through Financial Alliance, Russian 

diversified group AFK Sistema seeks to develop railway business, 

Kommersant added. 

25.09.2012 Kommersant 

JPMorgan has been appointed as the agent for the sale of Russian 

Railways-owned blocking stake in Freight One (PGK) cargo operator, 

Vedomosti reported. The item cited three sources participating in the 

preparations for the sale. The spokespersons for Russian group AFK 

Sistema, and Vladimir Lisin’s UCL Holding (UCLH) confirmed to 

Vedomosti submissions of bids to participate in the sale process. It is 

possible that the sale will be via an auction. The minimum price for the 

stake, according to JPMorgan’s proposal, is RUB 45bn (USD 1.44bn), 

the paper added, citing the above sources. UCLH already owns 75% 

minus one share in PGK, via Independent Transport Company, 

according to the paper. 




Ceske Drahy to sell 

51% stake in 

Railreklam 

Freight One sees 

AFK Sistema and 

UCLH place offers 

to participate in 

auction for RZD's 

25% stake - report 

Transports 

Groussard sold to 

Laurent Guedon 

Transcontainer: no 

plans to buy shares 

from miority 

shareholders if 

RZD's stake is 

transferred into 

logistic operator 

Czech state-owned railway operator, Ceske Drahy (CD) is preparing to 

sell a 51% stake in an advertising company Railreklam, wrote Mlada 

Fronta Dnes. The item cited CD chairman, Petr Zaluda, who said that in 

the future CD plans to sell its subsidiaries that do not have activities 

related to CD’s main business. He specified that Expiria (a subsidiary of 

the Slovak media group JOJ Media), which owns the remaining 49% 

stake in Railreklam, has the first option to buy. Zaluda said that he 

believes that the sale will be completed by year-end. In the same report 

Zaluda said that in future his company plans to sell CD-Telematika, a 

provider of telecommunication services for CD, in which CD holds 59% 

stake. 

25.09.2012 Mlada Fronta Dnes 

AFK Sistema and UCLH have submitted offers for participation in an 

auction for the sale of Russian Railways (RZD)’s 25% stake in Freight 

One (PGK) cargo operator, Kommersant reported. The item cited 

sources in the railway sector, who confirmed that Russian group AKF 

Sistema and transportation holding UCLH were the only ones 

submitting offers. Under the terms set by RZD, the minimum price for 

the shares is RUB 45bn (USD 1.44bn). Vladimir Lisin’s UCLH already 

owns 75% minus 2 shares in PGK, said the report. AFK Sistema, 

controlled by Vladimir Yevtushenkov, confirmed to Kommersant that it 

submitted the application for the participation in the auction, and that 

by 15 October it is to place a binding offer. Kommersant reported that in 

early October, JPMorgan, on behalf of RZD, had sent out preliminary 

proposals on the sale of 25% in PGK, to large transport operators. The 

sources named UCLH, Sistema, Neftetransservice, and Globaltrans. 


Transports Groussard, a French family-owned transportation services 

company, has been sold to individual investor Laurent Guedon, 

according to a statement from M&A advisor Cedants et Repreneurs 

d'Affaires which supported the buyer. Transports Groussard offers, 

transportation, logistics and distribution services. The company 

generates EUR 16m turnover with 170 employees. 

21.09.2012 Company website 

There are no plans to buy Transcontainer’s shares from its minority 

shareholders, if RZD’s stake in the operator is transferred to a logistics 

joint venture to be formed by Russia, Belarus and Kazakhstan. 

Vedomosti reported this information, citing Vladimir Yakunin, the 

president of Russian railway group RZD (Russian Railways). RZD owns 

50% + one share in Transcontainer, the Russian intermodal container 

transportation company. 




PSA Peugeot 

Citroen to sell 75% 

in GEFCO to RZD 

for EUR 800m, 

enters into 

exclusive 

negotiations for 

strategic 

partnership 

2XL mandates 

Deloitte to look for 

financial partner 

Yusen enters the 

Turkish market- 

report 

PSA Peugeot Citroën announces that it has entered into exclusive 

negotiations with JSC Russian Railways (RZD) to form a strategic 

partnership to drive faster growth for GEFCO. The implementation of 

this strategic partnership would enable GEFCO to step up its growth by 

combining its strengths with those of JSC Russian Railways (RZD). The 

transaction follows on from GEFCO's early 2012 signature of an 

exclusive long-term logistics contract with PSA Peugeot Citroën's 

Automotive Division and a similar contract with General Motors Europe 

in July 2012. GEFCO, thanks to this transaction, would further enhance 

its geographic expansion strategy in China, India and Latin America, but 

also accelerate its growth in Eastern and Central Europe, particularly in 

Russia. The proposed partnership would also allow GEFCO to diversify 

its business base and contribute to the growth of its turnover, thereby 

creating a global leader in diversified industrial supply chain logistics. 

For GEFCO employees, this business development would drive strong 

growth in their operations in the years to come. The management team 

would not be changed, with Luc Nadal continuing to serve as President 

and the head office remaining in France. PSA Peugeot Citroën would sell 

a 75% interest in GEFCO for EUR 800m, after the payment by GEFCO to 

PSA Peugeot Citroën of EUR 100m in a special dividend. A shareholders 

agreement would ensure the protection of both parties’ interests as well 

as the sustained quality of the logistics services provided by GEFCO to 

the Group. PSA Peugeot Citroën and GEFCO will initiate an information 

and consultation process with their works councils concerning the Offer. 

The proposed transaction will be subject to antitrust clearance in certain 

jurisdictions. 

20.09.2012 Company Press Release* 

2XL, a Belgian logistics group, has mandated Deloitte to look for a 

financial partner, de Tijd wrote citing General Manager Jean Van den 

Poel. He confirmed that several parties already received a dossier from 

Deloitte but added that the process is still only a study to look how the 

company can at best fill their financial needs. It would also be possible to 

finance their future investment plans through the banks. 2XL is located 

in Zeebrugge and fully owned by the Van den Poel family and realized 

turnover of EUR 63m in 2011 with an EBITDA /turnover ratio of 13%. 

20.09.2012 De Tijd 

Yusen, the Japanese logistics company, has become a partner in the 

Turkish transportation firm Catoni Hava ve Deniz Tasimacilik, 

according to a report in Sabah. The report noted, based on unidentified 

sources, that Yusen has recently formed a Turkish unit and became 

partners with the Turkish conglomerate Cantoni Group, through 

acquisition of certain holdings. 

20.09.2012 Sabah



CDC to increase 

stake in Veolia 

Transdev; Credit 

Agricole's 

investment 

subsidiary to take 

part in new 

shareholder 

structure 

Derby Express 

Couriers acquired 

by management 

RZD proposes to 

SNCF to become its 

partner if it buys 

75% in GEFCO 

Caisse des Depots et Consignations (CDC), the financial arm of the 

French government, confirmed today that is in active talks to take the 

majority of the capital of French public transport operator Veolia 

Transdev, in which it already owns 50%. “The share increase will take 

place in the shortest possible time,” a spokesperson for CDC said. “We 

want to reassure local authorities that CDC is behind Veolia Transdev 

both in France and internationally,” the spokesperson added. Although 

CDC is not indicating at present what additional percentage it is willing 

to take, a source familiar with the situation said it will increase its 

holding to between 55% and 60%. An investment fund that is a 

subsidiary of listed French bank Credit Agricole will also take part in the 

new composition of the shareholding of Veolia Transdev, the source 

added. Credit Agricole declined comment. Also according to this source, 

Veolia Transdev is in discussions with French state-owned 

transportation group RATP to sell its 50% stake in Veolia Transdev 

RATP Asia (VTRA), a joint venture between both partners operating 

various metro lines in Asia. On the other hand, the new managing 

director of CDC, Jean Pierre Jouyet, has turned down an offer from 

Pierre Mongin, head of RATP, jointly with Keolis, the urban 

transportation subsidiary of state-owned railway group SNCF, to acquire 

various businesses from Veolia Transdev, the same source said. Jouyet 

considered this offer as unsolicited and believed it could lead to the 

dismantling of Veolia Transdev, the source added. 


A management buyout has seen Derby based total logistics providers 

Derby Express Couriers (Overnight) sold by founding shareholder Nick 

Taylor to directors, Lorraine Sharp and Susan Hill. The business is a 

total logistics provider offering overnight parcel delivery service, a nextday 

pallet service and a worldwide delivery service. During her 12 years 

working for the business, Lorraine has driven them forward resulting in 

the business winning a number of awards for quality service. Susan has 

also been successful in the past years, growing both the sales team and 

the customer base. The funding was provided by Teresa Geraghty, 

Business Development Manager of ABN AMRO Commercial Finance. 


Russian Railways (RZD) has submitted a proposal to the French SNCF 

to become a partner of the Russian state-owned railway group, in the 

event of the purchase of 75% in GEFCO. Vedomosti reported this, citing 

RZD President Vladimir Yakunin. He also confirmed that RZD had 

submitted an offer for GEFCO, a logistics subsidiary of PSA Peugeot- 

Citroen. According to a previous report, citing two sources close to the 

matter, RZD had made the best offer with a bid of EUR 1bn. 




Russian govt will 

not be able to 

privatise RZD stake 

this year 

Toquero vehicle 

transportation 

business acquired 

by Cat Espana 

Peugeot's talks with 


regarding possible 

GEFCO sale enter 

exclusivity - report 

Danske Fragtmaend 

could be put up for 

sale 

Transalinord 

backed by Finorpa 

The Russian government will not be able to privatise a stake in RZD, 

Russia's railway network, this year, the online edition of Kommersant 

reported. The report cited Maxim Sokolov the Minister of Transport, 

who said that the privatisation of a 25% minus-one-share stake in RZD 

was technically impossible this year. The report noted that the 

government has approved the privatisation of the stake this year or in 

2013. 


Cat Espana has acquired the vehicle transportation business in Spain, 

France and Portugal of Grupo Toquero, the Spanish automobile logistics 

company, Alimarket reported. The news report cited a company 

announcement. Besides the Spanish, French and Portuguese businesses, 

the acquisition includes the management of a logistics centre in San 

Fernando de Henares (Madrid). The deal value was not stated. Cat 

Espana, the Spanish subsidiary of French logistics company Groupe Cat, 

is aiming to become the market leader in Spain, the report said. 

18.09.2012 Alimarket 

Talks between Peugeot and Russian Railways (RZD) regarding the 

potential sale of Gefco have entered exclusivity, The Wall Street Journal 

reported. As reported, the listed French carmaker has retained Credit 

Suisse and Credit Agricole to help sell a 75% stake in its logistics 

subsidiary. A published report last week cited two sources close to the 

matter who said RZD had made the best offer with a bid of EUR 1bn. 

18.09.2012 Wall Street Journal 

Danske Fragtmaend, the Danish transportation company, is evaluating 

the possibility of a sale, according to Borsen. The Danish business daily 

cited Managing Director, Kjeld Frederiksen, who said that the company 

is undertaking the evaluation after having been approached by several 

potential bidders. He added that the investigations will be concluded 

within a month, after which the board will decide whether to discuss a 

possible sale with the company’s owners. Frederiksen told the paper that 

the potential bidders are large foreign companies but he did not wish to 

disclose their identities. The item noted that Danske Fragtmaend 

reported a 2011 turnover of DKK 2.8bn (EUR 376m) and that Danish 

investment bank FIH Partners is advising. 

18.09.2012 Borsen 

Transalinord, a French transportation services provider, has opened is 

capital to Finorpa which invested EUR 600,000, according to a 

company announcement. Transalinord is controlled by Frederic Lepercq 

and Philippe Tembremande. It employs 360 and expects EUR 38m 

turnover this year. 




Harlem Transport 

to be acquired by 

PostNord 

PostNord AB has signed an agreement for the cash acquisition of 100% 

of the shares in logistics company Harlem Transport AS, according to a 

company press release. The acquisition complements PostNord’s 

existing operations in Norway and further strengthens the group’s 

position in the growing Norwegian logistics market. Harlem Transport is 

a renowned transport and logistics company in Norway. The company 

offers services primarily for the transport of partloads in four areas; 

consumer goods, industry, shipping, and recycling and waste. The 

company holds a strong position as logistics supplier to the fast moving 

consumer goods sector and has agreements with several major 

companies in the industry. PostNord’s logistics operations in Sweden, 

Denmark, Norway and Finland had sales of approximately SEK 13bn 

(EUR 1.5bn). Operations are focused on parcel, pallet, express and thirdparty 

logistics. PostNord’s logistics operations in Norway are run 

through Tollpost Globe AS, one of Norway’s three largest logistics 

companies with NOK 2.7 bn (EUR 362m) in sales in 2011. The 

transaction is subject to, inter alia, approval by the Norwegian 

competition authorities. 

17.09.2012 Company Press Release*



Contact 

Bernhard Möller 

Marie-Curie-Straße 24-28 

60439 Frankfurt 

bernhard.moeller@de.pwc.com 

Tel.: (069) 95 85-10 33 

Andreas Mackenstedt 

Marie-Curie-Straße 24-28 

60439 Frankfurt 

Andreas.mackenstedt@de.pwc.com 

Tel.: (069) 95 85-5704 

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