CMA CGM Given Green Light in Takeover Plan
A combination agreement between Container Finance Ltd Oy and CMA CGM, signed on 20th June 2018, has been accepted unconditionally by all relevant competition authorities meaning CMA CGM is free to take over short sea carrier Containerships.
CMA CGM is a France-based liner and one of the biggest carriers in the world.
Its deal for Containerships is expected to be fully complete by the end of October.
Upon closing the agreement, Container Finance’s entire container logistics operations including Containerships plc, Multi-link Terminals Ltd and CD Holding Oy will integrate to CMA CGM’s intra-regional market offering in Europe and Mediterranean area.
The CMA CGM Group has been looking to expand its network after advances made in the last year by rivals COSCO (China), MSC (Switzerland) and Maersk (Denmark).
The combination will not affect the rights of Containerships’ bond holders.
Containerships has stated that it “continues to develop routes and services to provide industry’s best customer experience” despite the takeover.
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