STATE-OWNED Fonds Strategique d'Investissement (FSI) is seeking a EUR150 million (US$198 million) stake in Marseilles-based shipping giant, CMA CGM, according to Le Journal du Dimanche.
The Paris Sunday newspaper said the deal could be concluded within two to three weeks, a move supported by banks that worry about the carrier failing to pay interest on its debt.
But when the two tried to make a deal two years ago, CMA CGM owners found FSI's demands for control too demanding and walked away.
When that fell through, CMA CGM borrowed US$500 million in bonds from Turkey's Yildirim Group, giving access to 20 per cent of CMA CGM's share capital on the paper's maturity, noted London's Containerisation International. Yildirim also gained three seats on CMA CGM's board.
CMA CGM, the world's third container ocean carrier, has improved operating performance, beating most other top 20 shipping lines, but its balance sheet is weak labouring under a heavy debt burden.
WORLD SHIPPING
26 April 2012 - 22:37
French state financier reportedly seeking stake in debt-heavy CMA CGM
STATE-OWNED Fonds Strategique d'Investissement (FSI) is seeking a EUR150 million (US$198 million) stake in Marseilles-based shipping giant, CMA CGM, according to Le Journal du Dimanche.
WORLD SHIPPING
26 April 2012 - 22:37
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