French conglomerate Bollore said on Tuesday it had entered into exclusive negotiations with French transport and shipping group CMA CGM [RIC:RIC:CMACG.UL] to sell its logistics unit.
The logo of Bollore Logisitcs is seen on a company's building in Montoir-de-Bretagne, France, March 4, 2022. REUTERS/Stephane Mahesaid on Tuesday it had entered into exclusive negotiations with French transport and shipping group CMA CGM [RIC:RIC:CMACG.UL] to sell its logistics unit.
In a statement, the company said CMA CGM's indicative offer would give Bollore Logistics a five billion euros enterprise value on a cash free and debt free basis.CMA CGM, based in Marseille and privately controlled by the founding Saade family, saw its earnings surge in the past two years on the back of high freight rates and saturated supply chains., and, like its shipping rivals, has expanded its presence in logistics.
For Bollore, run by the family of billionaire Vincent Bollore, selling the logistics unit would mark a withdrawal from its historic activity after it sold theShares in Bollore rose sharply after the announcement.
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