Yildirim widely reported to sell off its 24pc stake in CMA CGM
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Yildirim widely reported to sell off its 24pc stake in CMA CGM

TURKEY's Yildirim Holding, chaired by Robert Yuksel Yildirim, has reportedly decided to sell off its 24 per cent stake in CMA CGM, according to reports from multiple media outlets.

10 July 2017 - 20:00 - Update: 10 July 2017 - 22:51

The company was reportedly mandated by China Citi Bank to find investors form Asia or the Persian Gulf, according to Bloomberg.

'We will either exit our investment completely or remain as an ordinary shareholder," said Mr Yildirim.

Mr Yildirim invested US$600 million to become a shareholder in CMA CGM between 2010 and 2011, and he estimates his stake is currently worth $2.5 billion to $3 billion. The company in 2015 attempted to sell its stake in CMA CGM back to the Saade family - the majority owners - but was unsuccessful.

Mr Yildirim plans to acquire Ports America Holdings in an effort to position itself among the world's 10 largest terminal operators by 2025, reported Oslo-based TradeWinds.

Ports America currently operates 42 locations on the US Atlantic and Gulf costs, while Yildirim currently operates more than 20 terminals globally.

Bloomberg reports that the acquisition of Ports America is slated for completion by the end of this year.

 

 

 

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