THE European Commission (EC) has given its approval for the Belgian sovereign wealth fund SFPIM to take full control of Lineas, Europe’s largest privately-owned freight operator which has been in financial difficulty for some time.
SFPIM currently holds 46.42% of the Belgian company. With a 53.58% stake, the controlling shareholder is private equity fund Argos Wityu, based in France. Lineas has subsidiaries in the Netherlands, Germany, France and Italy.
Examining the proposed transaction under its simplified merger review procedure, the EC concluded it would not raise competition concerns, given the limited overall market position of Lineas and the “limited market positions” resulting from the proposed change in ownership.
Lineas has blamed its financial difficulties on a difficult economic climate and declining traffic, particularly in the steel, chemical, and automotive sectors. Continuing losses at the company resulted in a restructuring of its operations.
In 2021 Lineas raised capital by means of sale and leaseback deal for its locomotive and wagon fleet, sold to Beacon Rail Leasing and wagon leasing company Ermewa, respectively. Capital injections followed in 2023 and 2024, in which SFPIM was involved, and in December 2025 the EC approved state aid in the form of a €61m soft loan, provided to Lineas by SFPIM on behalf of the Belgian state.
