‘Historic Results’: CMA CGM Reports Profits in 2022 Despite Fourth-Quarter Slowdown by Shipping Telegraph

French liner CMA CGM has completed the acquisition of the freight forwarding and contract logistics provider Bolloré Logistics Sweden AB for €4.85bn.

The Bolloré Group said that, even though the sale to CMA CGM has been completed, the transfer of Bolloré Logistics Sweden AB to the French company remains subject to obtaining foreign investment clearance in Sweden.

This is CMA CGM’s largest acquisition since its creation in 1978 and constitutes a major step in the CMA CGM Group’s logistics development strategy, as the French liner said, complementing its historical maritime transport line of business.

According to CMA CGM, the purchase price of €4.85bn was formed based on the estimated debt and cash on the completion date.

Bolloré Logistics is a major transport and logistics company in France and achieved in 2022 a turnover of 7.1 billion euros.

The company transported 710,000 TEUs of ocean freight and 390,000 tons of air freight, along with a storage capacity of 900,000 m2.

As reported yesterday by Shipping Telegraph, the European Commission had expressed concerns about the acquisition as its investigation showed that the merger, as initially notified, would have reduced competition in the markets for the provision of sea freight forwarding services in Martinique, Guadeloupe, and French Guiana.

However, the Commission approved the acquisition and in a press release confirming its approval of the takeover, the Commission outlined the concerns it had and the steps that have been taken to address these concerns.

Rodolphe Saadé, chief executive and chairman of the CMA CGM Group, said: “The new entity, made up of CEVA and Bolloré Logistics, is the world’s number 5 in its sector. We will now be able to offer our customers a complete range of services and extend our expertise to new businesses.”

Cyrille Bolloré, chief executive and chairman of the Bolloré Group, pointed out that: “This is the beginning of a new chapter for Bolloré Logistics’ employees. I am very pleased that they are joining the CMA CGM Group and the Saadé family. They will bring unique expertise and know-how, which have long made the pride of the Group and which will be the pride of CMA CGM tomorrow.”