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Les sociétés

Geodis is buying up Rohde & Liesenfeld (R&L), its principal freight forwarding partner, for €77 million. The Group, which is strengthening its position in the Freight Forwarding business, is now staking a claim in the German and South African markets, and making its network in Latin America denser.

The German group R&L, the Geodis network’s principal partner since 2002, is an international air and sea freight forwarding group. Its net revenue in 2007 is forecast at €270 million (excluding customs revenue), and is divided between transport commission and industrial projects. The company mainly operates in Germany (34% of revenue), Latin America (17%), South Africa (16%) and Australia/New Zealand (14%). It has a workforce of 710.

The operation increases the geographical coverage of the Geodis Wilson network, which will now take up a significant position in Germany and thus become a major player in the sector. The acquisition will also enable Geodis to cover new zones, including South Africa, where R&L has a firm foothold, and to consolidate its position considerably in Latin America.
R&L will also contribute its expertise in handling industrial projects, particularly in the development of oil and gas projects.

On this basis, the enterprise value of R&L is estimated at €90M, and Geodis is to acquire its shares for €77 million.

Continuing along the lines of the Wilson acquisition, this new operation will enable Geodis to further build up its international freight forwarding network, and thus be in a position to offer its customers the services of its own branches in the world’s main economic regions, and strengthen its positioning in the industrial project business. The considerable geographical complementarity of the two companies and the proximity of their teams, which have worked together for a number of years, will be major assets in the integration process.

The operation will take place in early 2008, subject to the competition regulators’ approval.