CMA CGM to Buy Bollore Logistics Unit for $5.5 Billion
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…
Ukraine Seeking Ways to Get its Grain Out
Ukraine is seeking ways to get grain and vegetable oils out of the country by breaking a months-long blockade of the Sea of Azov and the Black Sea by the Russian navy and moving more by land.The war, together with Western sanctions against Russia, have sent the price of grain, cooking oil, fertilizer, and energy soaring.That in turn, is threatening a global food crisis as many countries count on Russia and Ukraine for more than half of their wheat imports, including some of the poorest.Russia and Ukraine together account for nearly a third of the global wheat supply…
Ukraine Could Lose $6 Billion in Grain Exports with Ports Blocked
Ukraine faces a possible grain revenue loss of $6 billion as the blockade of its ports by Russian forces prevents it from selling millions of tonnes of wheat and corn that had been earmarked for export by June, a senior industry official said.Countries that rely on imports of Ukrainian wheat - including Egypt, Turkey and Yemen - will need to find alternative supplies, aid agencies have warned.Ukraine, a major producer of grain and oilseeds, exports 98% of its cereals through its ports and only a fraction by rail…
Italian Minister Warns of Rigid Response to French Shipyard Move
Paris and Rome should be able to resolve their differences over the sale of a disputed shipyard, Italy's industry minister said on Wednesday, but he hinted that French investors might yet be hurt because of the row. The comments from Industry Minister Carlo Calenda could spell trouble in particular for French media group Vivendi , which has taken control of Italy's main telecom provider Telecom Italia (TIM). France angered Rome last month by ordering the "temporary" nationalisation of STX France shipyards…
Fincantieri Eyes Valuation of up to 1.8b Euros in Float
Italian state-owned shipmaker Fincantieri aims to make its debut on the Milan bourse in July with a stock market value of up to 1.84 billion euros ($2.5 billion), it said on Friday. Fincantieri, maker of vessels ranging from luxury yachts to military aircraft carriers, said in a statement it would offer a stake of up to 38.2 percent stake, mostly made up of new shares, at a price range between 0.78 euros and 1 euro per share. That would value the company, based in the northeastern port city of Trieste…
