French shipping giant CMA CGM is exploring the potential acquisition of CK Hutchison’s global terminal portfolio.
Talks between the Hong Kong-based company and a consortium led by BlackRock ended at the weekend.
The original deal, valued the sale of large parts of Hutchison’s global port portfolio – for a sum of 22.8 billion dollars. The buyer would have been a consortium including BlackRock and the Mediterranean Shipping Company (MSC).
After lengthy negotiations and resistance from the Chinese government, the deadline for the exclusive talks had passed. In the wake of the failed deal, new bidders have begun to emerge.
The Chinese state-owned shipping company Cosco was among the first to express interest as a possible new partner, followed by a move from CMA CGM.
“This is very important for the industry and also for us as a major player in this sector,” said Ramon Fernandez, CFO of CMA CGM. “We are represented at 65 terminals worldwide, so we are following this transaction very closely and are naturally interested in participating.”
Despite the lapsed exclusivity, ongoing discussions reportedly continue between Hutchison and the original consortium, according to Reuters and other sources. With a (partial) acquisition of the 52 locations of Hutchison Ports, CMA CGM, which has already been expanding into new segments such as e-commerce, air freight and media for several years, would gain significant influence in global trade.
