Yildirim Holdings to Sell Its Stake in CMA CGM

Image Courtesy: CMA CGM

Turkish port operator Yildirim Holdings AS has announced plans to sell its 24 percent stake in the French shipping major CMA CGM.

As revealed by the company’s Chairman Yuksel Yildirim in an interview with Bloomberg, Yildirim mandated China Citic Bank Corp. to find investors from Asia or the Persian Gulf for its interest in the world’s third biggest container shipping company.

According to Yildirim, the current value of the shares ranges between USD 2.5-3 billion based on recent deals in the industry.

The sale has been linked with Yildirim’s acquisition of the US maritime terminal operator Ports America Holdings from Oaktree Capital Group, with whom the company has an exclusivity agreement valid until the end of July.

The move is said to be part of the group’s USD 10 billion expansion plan covering ports and mine sector.

Under the proposal, USD 5 billion would be spent on acquisitions, while the remaining USD 5 billion would be assigned for construction of Turkish power plants.

With the latest investments Yildirim Holdings aims to become one of the top 10 international port terminal operators in the world.

When approached by World Maritime News on the matter CMA CGM denied to comment.

World Maritime News Staff

Share this article

Follow World Maritime News

In Depth>

Events>

<< Aug 2017 >>
MTWTFSS
31 1 2 3 4 5 6
7 8 9 10 11 12 13
14 15 16 17 18 19 20
21 22 23 24 25 26 27
28 29 30 31 1 2 3

Shipping2030 Asia

This year Shipping2030 Asia will take place with Global Liner Shipping conference, offering attendees unique access to networking with the container shipping industry…

read more >

Indonesia Marine & Offshore Expo (IMOX) 2017

Indonesia Marine & Offshore Expo (IMOX) 2017, Batamis an international maritime and offshore industrial event that brings an international…

read more >

Salvage & Wreck Asia

Could your business be affected by shipwreck? Are you a salvage professional or a wreck removal expert? …

read more >

DSM17

Donsö Shipping Meet 2017 is an all inclusive exhibition. Meals, electricity, meeting schedule and banquette dinner is included…

read more >