THE bollore Group and the CMA CGM Group have announced the completion of the sale of 100 per cent of Bollore Logistics to CMA CGM.
The purchase price is EUR4.850 billion (US$5.260 billion), based on the estimated debt and cash on the completion date, reports World Cargo News.
The transfer of Bollore Logistics Sweden AB to the CMA CGM Group remains subject to the latter obtaining foreign investment clearance in Sweden.
This is CMA CGM's largest acquisition since its creation in 1978 and constitutes a major step in the CMA CGM Group's logistics development strategy, complementing its historical maritime transport line of business.
Rodolphe Saade , CEO and chairman of the CMA CGM Group declared: 'Within the CMA CGM Group, we are proud to welcome a French flagship built on years of work and experience. The new entity, made up of CEVA and Bollore Logistics, is the world's number 5 in its sector.
'We will now be able to offer our customers a complete range of services and extend our expertise to new businesses. On behalf of the CMA CGM Group and my family, I would like to welcome the 14,000 employees who are joining us today. Together, we will combine our talents and accelerate our development.'
Cyrille Bollore, CEO and chairman of the Bollore Group, added: 'This is the beginning of a new chapter for Bollore Logistics employees. I am very pleased that they are joining the CMA CGM Group and the Saade family. They will bring unique expertise and know-how, which have long made the pride of the Group and which will be the pride of CMA CGM tomorrow.'
SeaNews Turkey
The purchase price is EUR4.850 billion (US$5.260 billion), based on the estimated debt and cash on the completion date, reports World Cargo News.
The transfer of Bollore Logistics Sweden AB to the CMA CGM Group remains subject to the latter obtaining foreign investment clearance in Sweden.
This is CMA CGM's largest acquisition since its creation in 1978 and constitutes a major step in the CMA CGM Group's logistics development strategy, complementing its historical maritime transport line of business.
Rodolphe Saade , CEO and chairman of the CMA CGM Group declared: 'Within the CMA CGM Group, we are proud to welcome a French flagship built on years of work and experience. The new entity, made up of CEVA and Bollore Logistics, is the world's number 5 in its sector.
'We will now be able to offer our customers a complete range of services and extend our expertise to new businesses. On behalf of the CMA CGM Group and my family, I would like to welcome the 14,000 employees who are joining us today. Together, we will combine our talents and accelerate our development.'
Cyrille Bollore, CEO and chairman of the Bollore Group, added: 'This is the beginning of a new chapter for Bollore Logistics employees. I am very pleased that they are joining the CMA CGM Group and the Saade family. They will bring unique expertise and know-how, which have long made the pride of the Group and which will be the pride of CMA CGM tomorrow.'
SeaNews Turkey
