Four Bidders Circle €800M SNCF Rail Stake as EC Order Forces French Sell-Off

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CMA CGM and Czech billionaire Daniel Kretinsky are among four candidates in the running for a minority stake of up to 49% in Rail Logistics Europe, the rail freight holding company of Groupe SNCF, in a sale ordered by the European Commission to settle illegal state aid claims.

The divestment, managed by investment bank Lazard, could value RLE at as much as €800 million. It stems from a Brussels ruling that Fret SNCF, the former freight operator, received roughly €5.3 billion in incompatible public support over several years. To avoid repayment, France agreed to restructure and partially privatise the freight division.

RLE was created in early 2025 to house the restructured assets, which include six operating brands: Hexafret for domestic French rail freight, Technis for rolling stock maintenance, Captrain for international services, Forwardis for multimodal industrial logistics, Naviland Cargo for intermodal containers, and VIIA for rail motorways linking France with Spain and Italy. Together these units handle millions of tonnes annually across the French network and into neighbouring markets. The European Commission’s state aid decision forced the French state to break up Fret SNCF and cap its ownership of the successor entity at 51%. RLE is targeting revenues of roughly €1.9 billion for 2025.

For CMA CGM, a stake in RLE would close a critical gap in its integrated logistics chain. The Marseille-based group has spent the last several years acquiring logistics assets on land, including CEVA Logistics, Bolloré Logistics, a 20% stake in EUROGATE Hamburg, a 35% stake in Egypt’s October Dry Port, and Freightliner UK Intermodal Logistics, which it completed in early 2026. Access to French rail paths and terminals would allow the shipping line to feed maritime volumes into continental corridors and offer customers a seamless door to door product. The move would also give CMA CGM preferential access to cargo flows from French Atlantic and Mediterranean ports.

Kretinsky, whose empire spans EP Energy and a growing logistics footprint, represents a different strategic threat. While CMA CGM seeks maritime and rail synergies, the Czech investor is understood to be pursuing industrial scale in European freight infrastructure. The identities of the two remaining candidates in the running have not been disclosed, though earlier reports had named AP Moller-Maersk, DSV, and DB Schenker as parties that reviewed the asset. Industry observers note that Kretinsky’s interest signals growing private equity appetite for European rail infrastructure. Direct talks between SNCF chief executive Jean Castex and CMA CGM chief executive Rodolphe Saadé were reported by April 2026, but no binding offer or timeline has been confirmed.

Analysts say the outcome will shape the competitive landscape of European intermodal transport. If a shipping line secures the stake, port and rail integration could accelerate across major French gateways. If an industrial investor wins, the focus may shift to energy and bulk cargo corridors. Either outcome will influence how cargo moves between French ports and inland distribution centres. The French state must complete the divestment to satisfy Brussels, though SNCF has indicated it prefers a strategic partner capable of delivering commercial synergies over a purely financial investor.