The Caisse des Dépôts Is Considering Selling Its Stake in Transdev
This page is translated from the original post "La Caisse des Dépôts pense à vendre ses parts chez Transdev" in French.
- 22/11/2024 12:23
La Caisse des dépôts owns 66% of Transdev shares but considers letting Rethmann become the majority shareholder
The CDC, a public financial institution of the French State, might relinquish its majority shareholding in the public transport operator. Not an easy decision when you consider that Transdev is the main competitor of SNCF and RATP in France. It has a turnover of 10 billion euros and was founded in 2011. At that time, Veolia’s transportation activities and CDC’s activities merged to create Transdev.
Rethmann, on its side, is a German company, parent company of other major groups like Rhemondis, Remus, and Saria. In 2023, its revenue reached 23 billion euros. The idea of increasing its control over Transdev appeals to it, given that it has held 34% of the capital since 2019. However, this control would not be total, as CDC plans to reduce its shares in Transdev but not abandon them altogether.
CDC does not much appreciate Transdev’s development
Transdev is increasingly expanding internationally. The group became the leading public transport operator in the United States in 2023. It also won a four-billion-euro contract to operate the Melbourne tramway for the next nine years. Today, only 30% of the operator’s sales are made within France. This expansion does not sit well with CDC, whose primary mission is to fund transportation in France.
However, there is no cause for concern for the French. CDC, which expects to earn at least one billion euros from the operation, intends to keep 30% of the capital and ensures that if it sells its shares, they will be used wisely. The Rethmann group has assured the Monde that “Transdev is and will remain a French company”. But this remains to be confirmed.
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