France’s state railway is considering taking a significant stake in one of Italy’s most important rail freight operators in the latest example of national railways’ determination to expand abroad.

SNCF’s potential purchase of up to 49 per cent of Ferrovie Nord Cargo, the freight arm of Ferrovie Nord Milano, continues a string of acquisitions by the French company since Guillaume Pépy took over as president in February. The company is looking at other potential purchases, including the privatisation of CFR Marfa, the freight arm of Romania’s national railways, according to a person familiar with SNCF’s thinking.