Tuesday, Eurotunnel (GETS.L) said it has completed the acquisition, initiated on September 2 2009, of the French businesses of Veolia Cargo. With this purchase, Eurotunnel said it takes on a role in the French rail freight marketwhich is currently receiving strong government support.
"This investment is in line with Groupe Eurotunnel's development strategy, based on infrastructure and railway management. Always conscious of the environment, we want to strengthen our position in markets with potential," said Jacques Gounon, Chairman and Chief Executive of Eurotunnel. The companies concerned, Veolia Cargo France, Veolia Cargo Link, CFTA Cargo and Socorail will be placed under the management of Europorte, the group's rail subsidiary. As a result of its strong brand recognition, Socorail will not change name. The other entities will be renamed respectively as: Europorte France, Europorte Link and Europorte Proximity. Cross-Channel activities of Europorte 2, which started in 2007, and which has now handled its 5,000th train, will henceforth be known as Europorte Channel.
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