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>

<< Dec 2017 >>
MTWTFSS
27 28 29 30 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

APM – ASIA PACIFIC MARITIME 2018

27 years in the making, APM is the premier shipbuilding & marine, workboat and offshore exhibition in Asia trusted by generations of industry professionals.

read more >

Mega Cargo Show 2018

The focus of the event is to bring all connected with cargo fraternity on a single platform…

read more >

Vietship 2018

Vietship is the largest and longest established exhibition in Vietnam featuring all aspect of Shipbuilding, Shipping and Offshore Technology.

Since its first event in 2002, Vietship has become the convergence and platform of advanced technologies regional and worldwide in shipbuilding and ship repair, marine equipment, waterway transportation and services, marine and offshore engineering.

After 16 years of eight consecutive editions, Vietship has affirm itself as an important event in enhancing cooperation and development, attracting investments, exchanging technology and creating ideal opportunities for trade promotion in the international maritime industry.

More info

read more >

LNG Bunkering Summit 2018

The conference will cover the obstacles facing both the shipping and port communities, exploring developments in conversion and new builds…

read more >