CMA CGM Withdraws Bid for Stake in SNCF's Rail Freight Arm

CMA CGM has withdrawn from the bidding process for a 49% minority stake in Rail Logistics Europe (RLE), the holding company for French state railway SNCF's freight operations, the shipping group has confirmed. CMA CGM said the deal "does not align with the Group's current investment priorities."

Industry observers say CMA CGM chairman and CEO Rodolphe Saadé was primarily interested in RLE's maritime container transport activities — a narrower scope than SNCF's stated goal of finding a partner for the whole business.

CMA CGM had been named a frontrunner for the stake alongside Czech entrepreneur Daniel Kretinsky just weeks earlier. With its exit, three candidates remain in the running: Kretinsky, who already owns Central European rail freight operator EP Cargo; German logistics group Rhenus; and an unnamed private equity fund.

The stake sale stems from a 2025 agreement between the European Commission and the French state that required SNCF to divest 49% of RLE's capital as a condition of restructuring its loss-making Fret SNCF freight business. SNCF has not set a public timeline for naming a winning bidder.