PARIS (Reuters) – The Bolloré group announced on Tuesday that it had entered into exclusive negotiations with the CMA CGM group with a view to selling it Bolloré Logistics.
Bolloré specifies that it has received a spontaneous purchase offer on the basis of an enterprise value (excluding cash and debt) of five billion euros from CMA CGM.
The discussions could lead to a promise to purchase corresponding to this offer around May 8, the group added in a press release.
CMA CGM, based in Marseilles and controlled by the founding Saadé family, has seen its results jump in the past two years thanks to high sea freight rates and saturation of supply chains.
The group took advantage of this good health to invest, in particular by taking a stake in the capital of Air France-KLM and by developing, like its competitors, in logistics.
For the Bolloré group, founded by businessman Vincent Bolloré, the sale of its historic logistics activities marks a turning point after the sale last year of its logistics activities in Africa to MSC.
On the Paris Bourse, the announcement of exclusive negotiations with CMA CGM pushed up Bolloré shares, which gained 3.97% to 6.01 euros at 12:30 p.m. GMT.
(Written by Matthieu Protard, Tangi Salaün and Blandine Hénault, with Benoit Van Overstraeten, Mathieu Rosemain and Gus Trompiz, edited by Bertrand Boucey)
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