As far as I call tell FSI is private investment, not from the government, but I am not postitive.
Here are the press releases.
|16 Oct 2012|
|CMA CGM signs of a Memorandum of Agreement with the French Fonds Stratégique d’Investissement (FSI)|
|October 16th, 2012 – CMA CGM, the world’s third
largest container shipping Group, and the Fonds Stratégique
d’Investissement (FSI), have announced today that they entered into a
Memorandum of Agreement supporting CMA CGM’s future development. |
The FSI will subscribe to bonds redeemable in shares for an amount of US$150 million giving right to a 6% stake in CMA CGM upon conversion.
At the same time, under the terms of the existing agreement, the Yildirim Group will subscribe to bonds redeemable in shares for an amount of US$100 million giving right to a 4% stake in CMA CGM upon conversion.
Jacques R. Saadé, CMA CGM’s Chairman and Chief Executive Officer, said: “We are very pleased to have reached an agreement with the FSI and of the Yildirim Group's renewed support. This agreement is an important milestone for our Group and demonstrates FSI and Yildirim’s level of confidence in its future. It coincides with our Group’s return to profitability in the second quarter and the expectation of an even better operating performance in the third quarter, leading to a profit for the full year.”
Rodolphe Saadé, CMA CGM’s Executive Officer, said: “This agreement will help to strengthen the Group’s balance sheet and allow us to accelerate the implementation of CMA CGM’s strategy to prepare for an IPO in the coming years. I am delighted that the FSI will invest in our Group and support its on-going development.”
The ISP is ready to strengthen the equity of CMA-CGMOctober 16, 2012
Release Date: October 16, 2012
FSI announces the signing of an agreement with the majority shareholder of CMA CGM under which it plans to support the group in its development and in its willingness to go public in the medium term.
This agreement, which should be confirmed in the coming weeks, is an important step of the process involves an investment of $ 150m in the form of the ISP ORAs simultaneously to obtain an agreement with its bank group on a financial restructuring.
CMA-CGM, based in Marseille, is one of the three world leaders in container shipping. The group has experienced tremendous growth since its inception in 1996, allowing it to become a leading player in its market and to be present on all major routes.
The Group employs 18,000 people including 4,300 in France and is known for its operational efficiency.
The cyclical nature of the shipping business leads CMA-CGM renforcerson to adapt and balance in order to consolidate in the coming years its leading position in this market.