Archives
Business, Forwarding, Freight News, Logistics
CMA CGM completes Bolloré takeover
[ March 1, 2024 // Chris Lewis ]CMA CGM Group has almost completed its acquisition of fellow French company Bolloré Logistics to CMA CGM, after the European Commission has approved the deal in late February.
Transfer of Bolloré Logistics Sweden to CMA CGM remained subject to foreign investment clearance in that country, at the time of writing.
The European Commission’s approval is also conditional on divestment of all Bolloré Logistics’ activities in Guadeloupe, Martinique, Saint Martin, and French Guiana and of a number of assets in metropolitan France linked to these activities.
The Commission said that its investigation showed that the merger, as initially notified, would have reduced competition in those markets for sea freight forwarding services.
However, the Commission said that the modified scheme would no longer raise competition concerns.
It noted that CMA CGM is an international group providing container liner shipping services, port services, as well as sea and air freight forwarding services while Bolloré Logistics provides freight forwarding services, contract logistics and other value-added services.
The purchase price is €4.85 billion.
In 2022, Bolloré Logistics achieved a turnover of €7.1bn, transported 710,000teu of ocean freight and 390,000 tons of air freight and operates storage capacity of 900,000sq m. It is CMA CGM’s largest acquisition since its creation in 1978 and constitutes a major step in the CMA CGM Group’s logistics development strategy, complementing its historical maritime transport line of business.
CMA CGM chairman Rodolphe Saadé, said: “I would like to thank the Bolloré Group for the trustful dialogue we have established over the last few months to successfully finalize this acquisition. Within the CMA CGM Group, we are proud to welcome a French flagship built on years of work and experience.”
The combined entity, made up of CMA CGM’s existing logistics arm, Ceva and Bolloré Logistics, will be the fifth largest its sector, he said, adding: “ We will now be able to offer our customers a complete range of services and extend our expertise to new businesses.I would like to welcome the 14,000 employees who are joining us.”
Bolloré Group chief executive and chairman, Cyrille Bolloré, commented: “This is the beginning of a new chapter for Bolloré Logistics’ employees. I am very pleased that they are joining the CMA CGM Group and the Saadé family. They will bring unique expertise and know-how, which have long made the pride of the Group and which will be the pride of CMA CGM. It is also a great opportunity for our customers around the world and I would like to take this opportunity to thank them for their trust and loyalty.”
Tags: Bolloré, CMA CGM; Bollore