Yildirim Group strengthens equity base of CMA CGM
Samsun based Yildirim Group pays USD 500 million for 20 per cent of CMA CGM’s share capital
Following its meeting under the chairmanship of Jacques R. Saadé, the Board of Directors of CMA CGM, the world’s third largest container shipping company, announced yesterday that a final agreement has been reached between CMA CGM shareholders and Yildrim Group of Turkey. The agreement enables CMA CGM to strengthen its equity base and secure the financing of its investment plan. Under its terms, Yildrim Group will invest USD 500 million in CMA CGM by acquiring five-year ORA equity notes giving access to 20 per cent of CMA CGM’s share capital. Yildirim Group will also be given three seats on the 10-member Board of Directors. The historic family shareholder will retain a majority interest with 80 per cent of outstanding shares and voting rights. Yildirim Group is an international family-run holding company established in 1963 in Samsun, Turkey. It is currently present in chrome ore mining and trading, ferrochrome production and trading, coal trading, fertilizer production and trading, shipping, shipbuilding, and port management. As a multi-industry corporation and one of the fastest growing companies in Turkey. The agreement comes in a favourable environment for the Group. Indeed, for the first nine months of 2010, revenue totalled $10.5 billion, up 38% over the prior-year period, while freight volumes rose by nearly 18% year-on-year to 6.8 million TEU. The Group achieved an operating margin (EBITDA) for the period of 18.5%, one of the best performances of its sector. CMA CGM is the world’s third largest container shipping company and is ranked number one in France. Operating a fleet of 400 vessels, the Group serves more than 420 ports around the world. In 2009, it carried 7.9 millions TEU (twenty-foot equivalent units). With a presence on every continent and in 150 countries through its network of 650 agencies and branch offices, the Group employs 16,400 people worldwide. Quelle: LogEastics |