The European Commission has authorized the acquisition of exclusive control of Lineas Group SA by the Federal Participation and Investment Company (SFPIM). This puts the railroad company under the control of the federal government.
Lineas, which has been in major financial difficulties for years, has already received a loan of 61 million euros from the SFPIM in September 2025. The SFPIM will therefore take full control once it has injected several tens of millions into the capital, which will automatically dilute the share of the French investment fund Argos Wityu. Argos Wityu entered the capital in 2015, when the company was still called SNCB Logistics, before becoming B Logistics and then Lineas. Argos Wityu, together with the management, had a majority stake (69%), while the remaining 31% was still owned by NMBS. In 2019, this share had increased to 90% and two years later SFPIM bought the shares of NMBS.
After several refinancings, SFPIM’s share had already fallen to 45%. A new refinancing round (reportedly 60 million euros) would make SFPIM the majority shareholder and it is precisely this principle that has been approved by the European Commission. It concluded that the notified transaction would not raise competition concerns, given the limited combined market position of the companies and the limited market positions that would result from the proposed transaction.
