Yildirim Group to sell all its shares in CMA CGM
French shipping company CMA CGM has revealed that the Turkish conglomerate Yildirim Group wants to sell its 24% stake in the carrier.
The Saade family, which runs CMA CGM and currently owns the remaining stake, will reportedly buy back Yildirim’s shares which were acquired in two stages for US$600m.
Yildirim made a US$500m investment in the ocean carrier in 2011 as part of the French business’s US$5bn debt restructuring programme for an initial 20% stake, which was later topped up with another investment of US$100m that increased the stake to 24%.
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