Thursday, October 14, 2010

CMA CGM may get new stockholder

CMA CGM has been looking for an investor for quite some time.

In the beginning they were looking for loans, but as time goes on, appears they may have decided it's necessary to sell some of the company to get some badly needed money.

From The Journal of Commerce

Turkish family owned company may buy 20 percent stake for $500 million

French ocean container carrier CMA CGM is close to agreeing to the sale of a 20 percent stake to Turkish family owned company Yildirim for $500 million, according to French media reports.

An agreement could be signed by the end of this week and CMA CGM would receive payment at the end of November, French financial daily Les Echos reported.

Reports of an imminent deal follow the collapse of negotiations with several potential bidders over the past six months, including Colony Capital, a U.S. investment group, Belgian billionaire Albert Frere and Qatar Holding.

The French government's strategic investment fund, FSI, is expected to invest in CMA CGM after the carrier reaches agreement with Yildirim.

CMA CGM declined to comment on the reports.

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