CMA CGM to sell 20pc of itself to Turks for US$500 million

MARSEILLES' CMA CGM, the third largest carrier in the world, is close to accepting the deal of selling 20 per cent of its shares to Turkish group Yildirim for US$500 million.

If CMA CGM agrees the offered term, it will receive payment at the end of November, said French financial daily Les Echos, and the French government's strategic investment fund, FSI, is expected to invest in CMA CGM after signing the agreement, according to seatradeasia-online.com.

This French-based shipping line has suffered from considerable debt, which is said amounting to $5 billion, after the global recession, and been keen to look for new investors since, according to London's International Freighting Weekly.
(Source:www.schednet.com)