Yildirim Holdings to Sell Its Stake in CMA CGM

Turkish port operator Yildirim Holdings AS has announced plans to sell its 24 percent stake in the French shipping major CMA CGM.

As revealed by the company’s Chairman Yuksel Yildirim in an interview with Bloomberg, Yildirim mandated China Citic Bank Corp. to find investors from Asia or the Persian Gulf for its interest in the world’s third biggest container shipping company.

According to Yildirim, the current value of the shares ranges between USD 2.5-3 billion based on recent deals in the industry.

The sale has been linked with Yildirim’s acquisition of the US maritime terminal operator Ports America Holdings from Oaktree Capital Group, with whom the company has an exclusivity agreement valid until the end of July.

The move is said to be part of the group’s USD 10 billion expansion plan covering ports and mine sector.

Under the proposal, USD 5 billion would be spent on acquisitions, while the remaining USD 5 billion would be assigned for construction of Turkish power plants.

With the latest investments Yildirim Holdings aims to become one of the top 10 international port terminal operators in the world.

When approached by World Maritime News on the matter CMA CGM denied to comment.

World Maritime News Staff