CFAO acquires the Citroën distribution business in Reunion
CFAO announced that the Commercial Court (Tribunal de Commerce) of Saint-Denis de la Réunion has authorized today the takeover bid it filed for the Citroën automobile import and distribution business of Foucque Automob...
The French anti-trust authorities approved this transaction on January 20, 2011.
« We are delighted with this acquisition which will broaden the vehicle range that CFAO offers its customers. With our deep-rooted experience we are confident in our ability to increase Citroën's share of the market in Reunion », stated Bertrand Thiebaut, Chief Operating Officer of CFAO Automotive, CFAO's automobile distribution division.
CFAO already has business operations in Reunion through its CMM Automobiles subsidiary which represents Toyota, Ford, Lexus and Volvo and generated revenue of approximately €110 million in 2009. The distribution business of Foucque Automobile, which was placed under court-ordered receivership on December 1, 2010, represented full-year revenue of about €40 million in 2009 for just over 1,400 new vehicles sold.
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