French/Chinese shipping groups CMA CGM, CMHI unveil tie up
French container shipping company CMA CGM has sold 49 percent of its Terminal Link unit in Marseille, southern France, to China Merchants Holdings International (CMHI) for 400 million euros ($540 million) in the first phase of a strategic partnership, they said on Friday.
"Following an initial restructuring, the operation should be finalised during the second half of 2013, subject to approval by competent regulatory authorities," a joint statement said.
CMA CGM, the world's third biggest container shipping company, has already said it would take measures to restructure $4.6 billion in debt.
Terminal Link manages 15 container terminals that serve the main global shipping routes, making the deal "a significant step in the internationalisation" of CMHI's activities, the statement said.
CMHI is present in eight Chinese cities, Sri Lanka and Africa, and its tie-up with CMA CGM in Marseille "represents the first step in a strategic partnership for both sides," the statement said.
© 2013 AFP