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Evergreen denies report of CMA CGM takeover

TAIWAN'S Evergreen Marine Corp (EMC) has denied a report that appeared in the country's financial newspaper, Commercial Times, on that CMA CGM plans to acquire it, reports American Shipper

Evergreen denies report of CMA CGM takeover
21 September 2018 - 19:00

TAIWAN'S Evergreen Marine Corp (EMC) has denied a report that appeared in the country's financial newspaper, Commercial Times, on that CMA CGM plans to acquire it, reports American Shipper.

The Taiwanese container and shipping company said in a statement posted on the website of the Taiwan Stock Exchange's Market Observation Post System: 'With reference to recent media speculation over the possible purchase of EMC, such reports were no more than rumours, which have no grounds in fact. The content mentioned in the report is nothing more than speculation.'



A CMA CGM spokesman told American Shipper, 'We never comment on market rumours.'



CMA CGM and Evergreen, along with Cosco and OOCL, are members of the Ocean Alliance. Cosco purchased a controlling interest - 75 per cent - in the parent company of OOCL this summer.



Klaus-Michael Kuhne, who controls 25 per cent of Hapag-Lloyd, said earlier this year he was approached by CMA CGM about possibly acquiring the German shipping company. But Mr Kuhne said he doesn't want Hapag-Lloyd to be taken over by the French carrier.



Lloyd's List reported earlier this month said: 'Confirming rumours at the start of the summer that the French container line had approached Hapag-Lloyd, CMA CGM's chief executive (Rodolphe Saade) said the 'matter was closed', but the company remains on the lookout for acquisition targets.'



In June, CMA CGM announced an agreement to acquire the Finnish company Containerships, an intra-European shortsea specialist that CMA CGM said has a 'strong presence in the Baltic market, Russia, Northern Europe, North Africa and Turkey.'

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