<\/p>\n
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)<\/em><\/p>\n (Reuters – Reporting by Benoit Van Overstraeten, Mathieu Rosemain and Gus Trompiz; Editing by Sudip Kar-Gupta and Ingrid Melander)<\/em><\/p>\n<\/div>\n maritime professional<\/p>\n","protected":false},"excerpt":{"rendered":" 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 to offer end-to-end transportation services and supply chain …<\/p>\n","protected":false},"author":1,"featured_media":33343,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[64],"tags":[],"class_list":["post-33342","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-maritime-news"],"_links":{"self":[{"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/posts\/33342","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/comments?post=33342"}],"version-history":[{"count":0,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/posts\/33342\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/media\/33343"}],"wp:attachment":[{"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/media?parent=33342"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/categories?post=33342"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/tags?post=33342"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}