China Merchants buys CMA CGM Terminal Link stake for US$533 million
13 June 2014Shipping News
HONG KONG-listed China Merchants Holdings (International) Company Limited (CMHI) and French shipping giant CMA CGM have announced the completion of the sale to CMHI with the purchase of CMA CGM's 49 per cent stake in Terminal Link for EUR400 million (US$533.8 million).
Among the guests at the signing ceremony in Luxembourg were CMA CGM executive officer Farid Salem, China Merchants Group vice president Raymond Yu; CMHI deputy general manager and CFO Zhang Rizhong; CMHI assistant general manager Oliver Lam and CMHI executive director of International Development Jared Zerbe.
Terminal Link owns 15 container terminals in Zeebrugge, Antwerp, Dunkirk, Le Havre and Montoir, Marseilles-Fos, Casablanca, Tangiers, Malta, Abidjan, Houston, Miami, Busan and Xiamen.
Said CMA CGM's Mr Salem: "CMA CGM is very pleased to enter a new strategic partnership with CMHI that allows us to join our complementary forces to operate and further develop in terminals investments."
Said China Merchants' Dr Fu: "On the back of a good working relationship, the linkage through Terminal Link between CMA CGM and CMHI not only marks a deeper and closer co-operation, but also rolls out a joint and co-coordinated approach to developing ports with mutual interests."