{"id":14538,"date":"2023-04-18T13:26:37","date_gmt":"2023-04-18T13:26:37","guid":{"rendered":"http:\/\/lynettelockhart.com\/client\/bollore-in-exclusive-talks\/"},"modified":"2023-04-18T13:28:28","modified_gmt":"2023-04-18T13:28:28","slug":"french-shipper-cma-cgm","status":"publish","type":"post","link":"http:\/\/lynettelockhart.com\/client\/french-shipper-cma-cgm\/","title":{"rendered":"French shipper CMA CGM offers $5.5 billion for Bollore logistics unit"},"content":{"rendered":"

By Mathieu Rosemain and Gus Trompiz<\/p>\n

PARIS (Reuters) -French shipping group CMA CGM is offering 5 billion euros ($5.48 billion) for the logistics unit of Bollore, the family-run conglomerate said on Tuesday.<\/p>\n

For Bollore a deal would mean cutting ties with its biggest business while offering cash-rich CMA CGM a chance to bolster its bid to offer end-to-end transportation services and supply chain management.<\/p>\n

The business posted more than 7 billion euros in revenue last year and has 15,000 employees.<\/p>\n

News of the indicative offer, made on a cash free and debt-free basis, boosted Bollore’s shares. <\/p>\n

Bollore disclosed it following a report in shipping publication Le Marin. <\/p>\n

Bollore said in a statement that it had agreed to enter into exclusive talks with CMA CGM until May 8.<\/p>\n

It said a successful transaction would hike the offer price for its buy back program by 25 euro cents per share. <\/p>\n

CMA CGM, privately controlled by the founding Saade family, has seen its earnings surge in the past two years on high freight rates and saturated supply chains.<\/p>\n

It has used the profits to support an investment spree, including a stake in Air France-KLM, and, like its shipping rivals, has expanded in logistics.<\/p>\n

Bollore, run by the family of billionaire Vincent Bollore, sold its Bollore Africa Logistics business last year to shipping company MSC Group for 5.7 billion euros.<\/p>\n

A sale would raise questions about how Bollore uses the proceeds, as it would significantly shrink the scope of the conglomerate, which would be left assets such as Bollore Energy, a distributor of petroleum products in France. <\/p>\n

Bollore is also top shareholder in French media giant Vivendi, home to pay-TV group Canal Plus, and holds a 18% stake in Universal Music Group. <\/p>\n

($1 = 0.9119 euros)<\/p>\n

(Reporting by Benoit Van Overstraeten, Mathieu Rosemain and Gus Trompiz; Editing by Sudip Kar-Gupta and Ingrid Melander)<\/p>\n

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By Mathieu Rosemain and Gus Trompiz PARIS (Reuters) -French shipping group CMA CGM is offering 5 billion euros ($5.48 billion) for the logistics unit of Bollore, the family-run conglomerate said on Tuesday. For Bollore a deal would mean cutting ties with its biggest business while offering cash-rich CMA CGM a chance to bolster its bid […]<\/p>\n","protected":false},"author":8,"featured_media":14539,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":""},"categories":[1213],"tags":[1223],"class_list":["post-14538","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-u-s-business","tag-updated"],"jetpack_featured_media_url":"http:\/\/lynettelockhart.com\/client\/wp-content\/uploads\/Reuters_Direct_Media\/USOnlineReportBusinessNews\/tagreuters.com2023binary_LYNXMPEJ3H0FE-VIEWIMAGE.jpg","_links":{"self":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/14538","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/comments?post=14538"}],"version-history":[{"count":3,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/14538\/revisions"}],"predecessor-version":[{"id":14672,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/14538\/revisions\/14672"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/media\/14539"}],"wp:attachment":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/media?parent=14538"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/categories?post=14538"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/tags?post=14538"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}