CMA CGM completes Russia exit with terminal stakes sale

French-based shipping group CMA CGM has completed its withdrawal from the Russian market by divesting stakes in terminals through an asset swap, the company said.

“With this finalized transaction and the decision to suspend all new bookings to and from Russia since March 1st, 2022, the CMA CGM Group will no longer be involved in any entities operating in Russia,” it said in an emailed statement.

The deal was concluded on Dec. 28, it said.

CMA CGM inherited 25% stakes in four terminals in Russia and Finland through the acquisition of Finnish firm Containerships in 2018, and took the decision in 2021 to swap the Russian stakes for a larger holding in Finland, it added.

The French group held the stakes through joint ventures with Global Ports Investments PLC.

CMA CGM, based in Marseille and privately controlled by the Saade family, is one of the world’s largest container lines.

Like other international shipping lines, CMA CGM halted vessel services to and from Russia following Moscow’s invasion of Ukraine.

Source: Reuters

To read the full original reporting, visit: https://www.reuters.com/article/ukraine-crisis-cmacgm-russia-idUSL8N33Q330

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