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It’s all being done behind closed doors, but that doesn’t stop the jungle drums beating away – French state-owned railway SNCF is seriously interested in investing in PSA Peugeot-Citreon’s logistics subsidiary Gefco, which, added to its Geodis subsidiary, would create a powerful concern. However, French insurance company Axa is another bidder, having confirmed its interest to Bloomberg, while there are also reports that US private equity funds are preparing to bid.