OPPOSITION to the pending US$5 billion acquisition of Bollore Logistics by French shipping giant CMA CGM emerged from the authorities in French Polynesia, reports Fort Lauderdale's Maritime Executive
OPPOSITION to the pending US$5 billion acquisition of Bollore Logistics by French shipping giant CMA CGM emerged from the authorities in French Polynesia, reports Fort Lauderdale's Maritime Executive. But they have reportedly reached an agreement with the company to address concerns over domination in the freight and logistics market between Europe and French Polynesia that could emerge from the acquisition.
CMA CGM recently reported that it is poised to 'soon complete' the acquisition of Bollore Logistics to further bolster the group's freight management scale and industry reach.
CMA CGM reported that it had reached terms for the acquisition in May 2023 which would make the company among the top five global logistics companies.
The Polynesian Competition Authority received an application in October 2023 for approval for a possible market concentration under the Polynesia Competition Code.
The authority, after closer examination determined the 'buyout raised a risk of blocking access of freight forwarders to transport services with CMA CGM containers and the risk of increases in the price of services as well as a possible impact on the selling price of goods to the consumer.
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