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Russia: Railway giant approved of acquisition despite recent monopoly fine

 |  November 19, 2012

Russian Railways has announced it plans to keep “most” of PSA Peugeot Citroen’s Gefco logistics division’s staff in place after its acquisition of 75 percent of the company, though plans are unclear as the Russian company has mentioned later changes “to make Gefco more efficient” may occur. The FAS has approved for Russian Railways to acquire most of the company for more than $1 billion, though French competition authorities have yet to approve the deal. Russian Railways was recently fined $70 million by the Federal Anti-Monopoly Service for holding a near-monopoly in the railway industry.

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