CMA CGM to conclude sale of minority stake by August

MARSEILLES container shipping giant CMA CGM, which is poised to sell a minority stake to a partner, said that it expects to conclude talks with potential investors by the end of July, reports Dow Jones.

The financially troubled company said its business has recovered since the beginning of the year and that it expects second-quarter results to show an improvement on the first quarter, when revenues rose 29 per cent to EUR3.2 billion (US$4.01 billion).


Said the company statement: "CMA CGM Group has a few additional weeks to complete its capital increase with external investors. The discussions, which are well advanced, require the preparation of particularly complex documents.


"CMA CGM Group`s operational activity has sharply improved since the beginning of the year. Over the first quarter, volumes carried rose 21 per cent compared with the year-earlier period, while EBITDA stood at $380 million, up $640 million year on year and in line with first-quarter 2008. Quarterly revenue was up by 29 per cent to $3.2 billion. Second-quarter results will exceed first-quarter figures," said the company statement.