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...Wincanton did not immediately respond to CMA CGM’s announcement....
...However, the strategy failed to prevent CMA CGM sales tumbling nearly 37 per cent to $47bn last year....
...The Wincanton board has recommended that shareholders accept the improved CMA CGM bid....
...The structure of the deal calls for 80 per cent of Altice Média to be acquired by CMA CGM, and 20 per cent by Saadé’s family office, Merit France....
...The collapse of the partnership comes after CMA CGM’s rivals such as Maersk and MSC also branched into air cargo in recent years....
...CMA CGM said it “noted” GXO’s offer and added that it was “considering its options”....
...CMA CGM was advised by Morgan Stanley on the deal, and Wincanton by HSBC....
...French shipping specialist CMA CGM has agreed to buy Wincanton in a deal that values the British delivery and warehousing company’s equity at £765mn....
...Wincanton’s board previously recommended that shareholders accept the improved CMA CGM bid....
...Corporate updates: Renault chief executive Luca de Meo, with Volvo CEO Martin Lundstedt and CMA CGM head Rodolphe Saadé, are due to present details of their Flexis electric vehicle joint venture outside...
...CMA CGM has already done four acquisitions of logistics companies since 2018, and also bought a minority stake in Air France in 2022 to move into air freight....
...Tereos said it was assessing the implications of the CMA announcement....
...The two groups said on Tuesday they would hold exclusive negotiations, while Bolloré Group added that it had given a deadline of May 8 for CMA-CGM to finalise its offer....
...And in February, logistics group Wincanton left French suitor CMA CGM at the altar, preferring instead to recommend a £762mn offer from GXO....
...Rodolphe Saadé, owner and chair of the Marseille-based company, said the CMA CGM’s schedules were being hit because of rerouting, delays waiting for Red Sea passage and build-ups at ports....
...German company Hapag-Lloyd diverted all ships on Monday to go via the Cape of Good Hope, MSC decided on Friday to reroute some of its services and Marseille-based CMA CGM is taking similar action....
...The other big alliance — the Ocean Alliance — between France’s CMA CGM, China’s Cosco and Taiwan’s Evergreen — controls 29.3 per cent of the fleet....
...Kristoffersen rejected the idea of sailing through the danger area with a naval escort for protection, as French container line CMA CGM has done....
...France’s CMA CGM, the world’s third-largest container shipping line, announced on February 5 that it was suspending transits of the region after missiles were launched at a ship operating one of its services...
...CMA-CGM, the Marseille-based shipping company set to transport the goods, did not respond to a request for comment. Royal Group did not provide a response for publication when approached for comment....
...Nine of the 26 attacks on vessels since November 19 have targeted the biggest, highest-profile container ships owned by the world’s three biggest lines, Maersk, MSC, and CMA CGM....
...Like its rivals, CMA CGM has been using the cash amassed during the boom to fund an acquisition spree....
...In the hall of his start-up incubator Station F, Niel sat alongside fellow French billionaire Rodolphe Saadé, head of shipping group CMA CGM, and ex-Google chief Eric Schmidt, who will also help fund the...
...Meanwhile, the world’s third-biggest container shipping group CMA CGM said earlier today that some of its vessels are continuing to go through the Suez Canal but warned of scheduling chaos and that clients...
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