(Adds third source, detail, background)
By Arno Schuetze, Oksana Kobzeva and Gleb Stolyarov
FRANKFURT/MOSCOW, Jan 28 (Reuters) - Logistics company Gefco IPO-GEFC.PA, controlled by Russian Railways (RZhD), has suspended plans for an initial public offering (IPO), three sources told Reuters on Monday.
Gefco said in December that it planned to list shares on the Euronext market, with sources telling Reuters that Societe Generale, JP Morgan, Citigroup, UBS and Credit Suisse had been hired to proceed with the plans.
One of the two banking sources said the IPO has been postponed indefinitely, while a source familiar with the preparation process said that Gefco is merely looking for the right time for the IPO and could proceed in the second quarter.
Russian Railways declined to comment and officials at Gefco were not immediately available for comment.
Gefco’s December statement said that Russian Railways planned to remain the company’s controlling shareholder but was considering reducing its stake to less than 50 percent through the IPO.
France’s PSA Group, which holds 24.96 percent of Gefco, was considering reducing its stake to less than 10 percent, with the remaining holding subject to a two-year lock-in period.
Gefco had said that a flotation would strengthen its position in the automotive and broader logistics sectors.
The company is a former subsidiary of French carmaker PSA, which sold 75 percent of Gefco to Russian Railways in 2012 for 800 million euros ($913 million).
Last year Russian Railways said it aimed to cut its stake in Gefco to 40 percent by 2020. ($1 = 0.8761 euros) (Reporting by Arno Schuetze in FRANKFURT and Oksana Kobzeva in MOSCOW Additional reporting by Olga Popova and Gleb Stolyarov in MOSCOW and Inti Landauro in PARIS Writing by Katya Golubkova Editing by David Goodman)