French shipping giant CMA CGM said on Tuesday it is interested in taking over some of CK Hutchison's ports after the Hong Kong conglomerate's exclusive talks ended with a consortium led by
French shipping giant CMA CGM said on Tuesday it is interested in taking over some of CK Hutchison's ports after the Hong Kong conglomerate's exclusive talks ended with a consortium led by BlackRock this week.
CK Hutchison agreed in March to sell the majority of its $22.8 billion global ports business to the consortium also including Italian billionaire Gianluigi Aponte's family-run shipping company MSC, but the exclusive talks expired on Sunday.
Gaining a stake in CK Hutchison's 43 terminals in 23 countries included in the preliminary deal would offer CMA CGM greater control over the supply chain, especially if it can get hold of one of the ports along the Panama Canal.
"It's very important for the industry, and it's important for us as a major player in this sector," CMA CGM Chief Financial Officer Ramon Fernandez told reporters during the presentation of the company's second quarter results.
"We are present in 65 terminals around the world so we are following this operation very closely and are naturally interested in participating," he added.
CMA CGM already has 65 port terminals around the world.
CK Hutchison said on Monday it was in talks with the consortium to add a Chinese "major
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