China merchants group is in talks to invest in the port assets of c&d ships in France
Beijing time on September 2, according to sources familiar with the situation, China merchants group is in talks to invest in the port assets of French shipping company CMA CGM.
China merchants is considering paying at least hundreds of millions of dollars for the potential deals, sources said. People familiar with the matter spoke on the condition of anonymity because the information has not been made public. According to people familiar with the matter, the group may choose to do the deal through its hong kong-listed China merchants port. A representative for China merchants asked bloomberg news to seek a response from China merchants ports, which declined to comment. Representatives for CMA CGM declined to comment.
Talks are still ongoing and there is no guarantee of a deal, people familiar with the matter said.
Any divestment would help Ceva reduce its debt after it bought Switzerland's Ceva Logistics AG for $1.7 billion. In 2013, China merchants acquired a 49 per cent stake in Terminal Link, which operates about 13 container terminals in countries including the us, France, Greece, Morocco and South Korea, for about €400m. CMA CGM is the largest container shipping group in France and the fourth largest in the world. Its main business is container shipping. Meanwhile, it has invested in the shipping terminals of some of the world's major ports.
China merchants ports develops, invests and operates ports in mainland China, Hong Kong and Taiwan. The company also operates in South Asia, Africa, the Mediterranean and South America. It has about 36 ports in 18 countries and regions. Its parent company, China merchants group, was founded in 1872, and its business covers many fields such as transportation, finance and real estate.