Shipping group CMA CGM is set to buy auto transport company Gefco, French paper Les Echos reported on Friday, citing sources close to the matter.

CMA CGM declined to comment.

Gefco, in which French-Italian carmaker Stellantis holds a 25% stake, will be valued at 450 to 500 million euros in the deal, the paper said.

Auto transport company Gefco, co-owned by French-Italian carmaker Stellantis, said on Friday it will buy back the 75% of its shares that are held by Russian Railways (RZD) after it was placed under western sanctions.

(Reuters – Reporting by Tassilo HummelEditing by Sudip Kar-Gupta)

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