Yildirim to Sell its CMA CGM Shares
French shipping company CMA CGM has revealed that the Turkish conglomerate Yildirim Group wants to sell its 24% stake in the carrier.
Yildirim Holding planned to divest its major stake of one fourth in CMA CGM, by 2015, President and CEO of Yildrim Holding, Robert Yuksel Yildirim announced last year itself.
Yildirim came to the aid of CMA CGM, which is the world’s third largest shipping company, five years ago after the Saadé family had rejected numerous other outside investors and yet knew they needed a capital injection to stabilise their heavily indebted group.
The Saade family, which runs CMA CGM and currently owns the remaining stake, will reportedly buy back Yildirim’s shares which were acquired in two stages for US$600m.
The French carrier said: “The Yildirim group has informed the CMA CGM shareholders of the wish to divest the bonds redeemable in shares it holds in the company. Both CMA CGM and Yildirim are working in this respect.”
Without Yildirim on the board, CMA CGM may feel liberated to make a big acquisition.
Yildirim Group, which is headquartered in Istanbul, is an international family-run holding company established in 1963 in Samsun, Turkey. Robert Yuksel Yildirim is head of the wealthy Yildrim family, which in addition to the stake in CMA CGM also has major interests in mining, shipbuilding and port activities, among other industries
