CMA CGM is poised to acquire up to 49% of Rail Logistics Europe (RLE), France’s largest rail freight operator, for approximately €800 million. The deal emerges from an EU-mandated restructuring of Fret SNCF after findings of illegal state aid. RLE manages at least 80% of French military freight transport and includes subsidiaries Hexafret, Captrain France, and VIIA. Competing bidders include Rhenus Logistics and Daniel Kretinsky’s group. CMA CGM’s rail expansion follows its Freightliner acquisition (2,000 wagons, 10 terminals) and $1.4 billion FedEx Supply Chain purchase. SNCF retains majority control under strict 49% cap.
According to theloadstar.com, CMA CGM is the leading candidate to acquire up to 49% of Rail Logistics Europe (RLE), the largest rail freight operator in France, in a deal valued at approximately €800 million.
Strategic expansion into European rail
The proposed acquisition forms part of CMA CGM’s broader multimodal transport strategy. The Marseille-based carrier has significantly strengthened its rail capabilities this year, including the completion of its acquisition of UK-based Freightliner2,000 wagons, 10 terminals, and one of the country’s largest fleets of electric locomotives. CMA CGM also operates dedicated rail services between Marseille and Lyon in southern France.
Regulatory context and ownership constraints
The sale stems from a European Commission–France agreement requiring the restructuring of Fret SNCF, following findings that the entity had received billions of euros in illegal state aid. As a result, RLE — the holding company spun off from Fret SNCF — is now subject to partial divestiture. Under the terms, no buyer may hold more than 49% of RLE, as SNCF must retain majority control. A source told The Loadstar:
“All the candidates are aware they cannot exceed a 49% stake. From a social perspective and, given the political sensitivities, going beyond this figure would be unacceptable.”
Competing bidders and political considerations
Three parties have formally entered the bidding process: CMA CGM, German logistics group Rhenus, and Czech entrepreneur Daniel Kretinsky, whose holdings include the parent company of GLS and Royal Mail. An unidentified private equity fund is also reportedly involved. According to an industry source, the French government views CMA CGM as its “ideal buyer”, while expressing skepticism about Kretinsky’s candidacy — particularly given RLE’s role in handling at least 80% of French military freight transport operations.
Valuation and procedural timeline
In early 2026, SNCF appointed two investment banks — Lazard and Indosuez Corporate Advisory — to manage the sale process. They distributed a presentation to prospective bidders valuing the stake at around €800 million. While SNCF declined to comment on the process, citing its highly regulated nature, spokespersons for both Kretinsky Group and Rhenus Logistics confirmed they would not respond to speculation. Notably, the Rethmann family, controlling shareholders of Rhenus, acquired a majority stake in Transdev — a major French transit operator — in 2025.
Broader integration and operational scope
RLE oversees a network of subsidiaries across France, including Hexafret, Captrain France, VIIA, Naviland Cargo, Forwardis, and Technis. Its dominance in domestic rail freight positions it as a critical node in France’s intermodal infrastructure. CMA CGM’s move follows several other recent strategic investments: its $1.4 billion acquisition of FedEx Supply Chain in mid-2026, and a cargo-handling agreement at Damascus Airport announced on 10 July 2026. These developments underscore the carrier’s deliberate pivot toward integrated, land-based logistics — especially in politically sensitive or strategically vital corridors.
Source: The Loadstar
Compiled from international media by the SCI.AI editorial team.
