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The French shipowner CMA CGM has entered into "exclusive negotiations" with Bolloré to acquire its transport and logistics activities, on the basis of an enterprise value of 5 billion euros, the two companies announced on Tuesday. The sale of Bolloré Logistics, if this "spontaneous offer" by CMA CGM succeeds, will be the second of its kind in a few months for Bolloré, after the sale concluded at the end of December of its African logistics branch to another shipowner, a competitor of CMA CGM, l Italian-Swiss MSC, for 5.7 billion euros.
According to CMA CGM, "this entry into exclusive discussions is part of the group's strategy" based on "maritime transport and logistics, and which aims to offer and develop complete solutions to support the supply chains of its customers. ". "If successful, this acquisition would strengthen the logistics activity of the CMA CGM group", argued the group, while warning that "these discussions do not prejudge the finalization of a possible acquisition".
For its part, the Bolloré group confirmed, in a separate press release, "to have received from the CMA CGM group a spontaneous purchase offer for its freight forwarding and logistics activities grouped together in Bolloré Logistics, on the basis of a of business (...) of 5 billion euros". It is now a question of carrying out "a confirmatory audit phase and the holding of contractual negotiations so that CMA CGM can submit, if necessary, a promise to purchase corresponding to this offer around May 8, 2023", according to the same source.
Bolloré also noted that the completion of the operation would remain "conditioned on obtaining regulatory authorizations" and that "no sale decision will be taken before the outcome of the information and consultation procedures with the representative bodies of the competent staff”. The board of directors of the Bolloré group must decide on the interest of this offer during a meeting on Tuesday. Long in the red, CMA CGM took full advantage of the overheating of maritime transport created by the Covid-19 crisis, with a record net profit of more than 23 billion euros in 2022, surpassing the groups of the CAC 40.
Led by Rodolphe Saadé, he multiplied acquisitions and stakes in French flagships. The shipowner entered the capital of Air France-KLM and Eutelsat in 2022, and acquired the vehicle carrier Gefco as well as companies in e-commerce logistics. This year, he also took 12% of Brittany Ferries. Rodolphe Saadé bought the mainstay of the local press La Provence, took a minority stake in the M6 group and the online video media Brut, and CMA CGM will become the main sponsor of Olympique de Marseille this summer. The Bolloré group gained more than 4% on the Paris Stock Exchange and Vivendi, controlled by Bolloré, soared 6% around 1:50 p.m., in a slightly rising market.
