Conglomerate News

Thyssenkrupp appealed against a decision by the Netherlands last month to award a contract worth billions of euros to build submarines to France's Naval Group, the German company said.Thyssenkrupp Marine Systems (TKMS), the German conglomerate's defence division, filed the objection with the District Court in The Hague in late March, the company said in an e-mailed statement."This measure is a professional business procedure in such publicly tendered major projects and part of the competition - especially in light of the questions that remain unanswered regarding specific evaluation criteria…

Australian shipbuilder Austal said on Tuesday it had rejected an A$1.02 billion ($662 million) takeover offer from South Korea's Hanwha Ocean as it was unlikely to be approved by Australian and U.S. regulators due to the sensitivity of its operations.The Western Australia-based firm said it had received a bid at A$2.825 per share, representing a premium of 28.4% to Austal's last closing price.Austal's shares rose 8.2% in early trade, while the Australian S&P/ASX200 index was flat.The…

Australian shipbuilder Austal said on Tuesday it had rejected an A$1.02 billion ($662 million) takeover offer from South Korea's Hanwha Ocean as it was unlikely to be approved by Australian and U.S. regulators due to the sensitivity of its operations.The Western Australia-based firm said it had received a bid at A$2.825 per share, representing a premium of 28.4% to Austal's last closing price.Austal's shares rose 8.2% in early trade, while the Australian S&P/ASX200 index .AXJO…

Dutch shipbuilding conglomerate Damen Shipyards Group announced it has signed a contract with BOA Group for two ASD Tugs 3010 ICE. Due to Damen’s practice of constructing vessels in series for stock, the tugs were already under construction at the time of order and will be delivered later this year.BOA’s fleet consists of specialized offshore vessels, semi-submersible barges and harbor tugs. The order for these two Damen tugs is a part of the Norwegian company’s strategic fleet…

France's CMA CGM has completed a $5 billion takeover of Bollore Logistics, its biggest-ever acquisition, and said it had funds for more deals as it seeks to counter volatility in container shipping.The acquisition of the logistics division of French conglomerate Bollore, announced last year, closed on Thursday at a final price of 4.85 billion euros ($5.25 billion) after debt and cash adjustments.The deal will extend the reach of CMA CGM's CEVA Logistics unit into areas such as freight management for pharmaceutical, cosmetics and luxury firms.CMA CGM, based in Marseille and privately controlled

The EU Commission on Friday said it had cleared the acquisition of the logistics operations of conglomerate Bollore by shipping group CMA CGM, subject to a number of conditions proposed by the companies.The commission, which oversees competition policy in the 27-nation European Union, said that the acquisition had been approved after its investigation found a number of concerns.To address them, the parties agreed to divest all of Bolloré Logistics' activities in Guadeloupe, Martinique, Saint Martin and French Guiana, as well as a number of assets in metropolitan France linked to these activiti

Canada's BC Ferries announced Dutch shipbuilding conglomerate Damen Shipyards Group has been selected to build its four new hybrid electric Island Class vessels.Damen, the same shipbuilder that built BC Ferries’ previous six Island Class ferries between 2020 and 2022, will construct the vessels in Romania, after its bid was selected from among several proposals received from around the world. No Canadian companies bid for the build program, BC Ferries said.The agreement is a design-build…

China has called for an end to attacks on civilian vessels in the Red Sea that have dramatically widened the Hamas-Israel conflict and placed Beijing's commercial interests along the Suez Canal at risk.The Iran-backed Houthi militia from Yemen that seeks "Death to Israel" is challenging the ability of the world's biggest trading nation to defend billions in strategic investments in Egypt.Since President Abdel-Fattah el-Sisi came to power in 2014, China has stepped up its investment and commercial activities along Egypt's Suez Canal…

Dutch shipbuilding conglomerate Damen said it is studying Zeabuz's cutting-edge technology for autonomous sailing in an effort to enable autonomous vessel operations in the coming years.Norway-based Zeabuz specializes in software for autonomous maritime operations."Autonomy holds the potential to revolutionize vessel operations by enhancing safety protocols, optimizing asset effectiveness, and paving the way for the creation of new business models," Damen said. "The industry's…

The United States on Tuesday imposed sanctions on hundreds of people and entities, including in China, Turkey and the United Arab Emirates, as it targets Russia's sanctions evasion, future energy capabilities, banks and its metals and mining sector.The U.S. Treasury and State departments targeted more than 250 individuals and entities in Washington's latest action attempting to crack down on Russia and its evasion of sanctions imposed by the U.S. and its allies over the war in…

French engineering firm GTT announced it has signed a strategic cooperation agreement with Chinese shipbuilding group China State Shipbuilding Corporation Limited (CSSC).The agreement provides for cooperation between GTT and 12 subsidiaries of the CSSC conglomerate, notably in ship design and construction, cryogenic containment technologies for liquefied natural gas (LNG) shipping, LNG as fuel and smart shipping solutions.As part of this agreement, GTT and CSSC aim to develop and market competitive LNG tank solutions with GTT technologies…

The U.S. International Development Finance Corporation (DFC) said it will provide $553 million financing for a Colombo port terminal project, partly owned by India's Adani Group, advancing the first foray by an Indian company into the sector.Sri Lanka, an island off India's southern coast, is mired in its worst financial crisis in over seven decades after its foreign exchange reserves ran to record lows last year, forcing its economy to contract by 7.8% in 2022. Ports-to-edible oils Adani group…

Dutch shipbuilding conglomerate Damen announced it has secured approval from classification society Bureau Veritas as well as the Dutch and Belgian flag authorities for its designs of methanol-powered workboats.The shipbuilder said it can now offer designs for a wide range of methanol-powered compact vessels, ranging from tugs, stationary dredgers and high-speed vessels to fast crew suppliers, pilot boats, stan patrols and fast ferries, as and when the engines for these types…

A wind energy developer owned by France's TotalEnergies and a unit of Macquarie said on Monday it is bidding to build a wind farm off New Jersey's coast, expressing confidence in the sector after a series of U.S. setbacks.Spinning power from coastal wind turbines is central to President Joe Biden's plan to decarbonise the U.S. economy by 2050, but his installation targets are slipping out of reach due to soaring costs, high interest rates and supply chain delays.Bucking that trend…

Virgin Voyages, the cruise brand from Richard Branson's Virgin Group, said on Friday it has raised $550 million in fresh capital to expand into new international markets.The funding was led by Ares Management with participation from existing investors, including British conglomerate Virgin Group and venture capital firm Bain Capital.Launched at the end of 2021, Virgin Voyages operates three ships servicing the Caribbean and the Mediterranean. It plans to operate in Australia and…

Dutch shipbuilding conglomerate Damen announced it has delivered a new shallow draft vessel to the German energy infrastructure construction company Bohlen & Doyen Bau GmbH, a subsidiary of Friedrich Vorwerk. The new Multi Cat 1908 SD workboat, named Scholle, is the first marine asset to be bought by the company in many years.The 19.4-meter vessel has been bought for use on a multi-year project supporting transmission system operator TenneT on its offshore grid connection systems in the North Sea.

French shipping group CMA CGM expects container freight demand to improve from next year but the group's profits will continue to ease this year as a slump in freight rates from record highs and a weak economy weigh on results, it said on Friday.The company, privately controlled by the Saade family, reported a second-quarter net profit of $1.3 billion, down from $7.6 billion in the year-earlier period and from $2.0 billion in the first quarter. It expects the first quarter to…

Thailand's largest energy company, state-controlled PTT, is in advanced talks with Qatar for a 15-year liquefied natural gas (LNG) supply deal, four trading sources told Reuters.The oil and gas conglomerate is negotiating a supply of 1 or 2 million tonnes per annum (mtpa), according to different figures cited by the sources, in what would be the latest in a spate of deals by Asian buyers to lock in long term supplies.A fifth industry source said that both companies are in "serious negotiations"…

CMA CGM expects its profit to ease further for the rest of the year after a first-quarter decline, as an uncertain economy and influx of new vessels cool the container shipping market after a record 2022.The company, based in Marseille and privately controlled by the founding Saade family, on Friday reported a first-quarter net profit of $2.0 billion, compared with $7.2 billion in the year-earlier period, and said in a statement it expects the first quarter to be its most profitable of 2023.CMA CGM is among shipping firms to have posted record profits last year, after the COVID-19 pandemic tri

Singaporean conglomerate Keppel Corp Ltd on Thursday posted a higher net profit for the first quarter, boosted by a significant one-off gain recognized from the sale of its offshore & marine unit.In February, Sembcorp Marine completed a S$4.50 billion ($3.37 billion) buyout of Keppel's offshore & marine unit after receiving the necessary shareholder approvals.Keppel recognized a gain of S$3.3 billion and received S$500 million of cash in the first quarter following the transaction, it said.The company did not disclose a profit figure, but said that revenue for the quarter was S$2.26 billion, u

French shipping group CMA CGM has committed to buy the logistics operations of family-run conglomerate Bollore for an enterprise value of 5 billion euros ($5.5 billion), the two companies said on Monday.CMA CGM granted the Bollore group an option to sell it the logistics business, which generated more than 7 billion euros in revenue last year and employs 13,500 people.Bollore said it would decide whether or not to exercise the option after consulting employee representatives.The…

Australian financial conglomerate Macquarie Group said on Thursday it would divest its U.S.-based port terminal operator Ceres Terminals, with a source familiar with the matter placing the deal value north of $900 million.Macquarie did not disclose any further details on the deal, and declined to comment on Reuters' request seeking confirmation of the sale value.The Wall Street Journal in May reported that Macquarie was looking for about $1 billion from the sale, citing sources familiar with the matter.The deal value could be at the lower end of what the Wall Street Journal reported…

Australia's Macquarie Group Ltd is looking to sell its North American port facilities business, Ceres Terminals, for about $1 billion, the Wall Street Journal reported on Tuesday citing sources familiar with the matter.The financial conglomerate acquired full control of the general cargo stevedoring operations in 2019 from Tokyo-based shipping and logistics firm Nippon Yusen Kaisha (NYK Line).Ceres moves about 4.3 million containers annually at several major ports in the United States, according to its company website.The shipping industry globally has been under pressure as supply-chain bottl