Yildirim to Sell its Stake in CMA CGM
Turkish port operator Yildirim Holdings AS has announced plans to sell its 24 percent stake in the French shipping major CMA CGM, Bloomberg reported. The company mandated China Citic Bank Corp. to find investors from Asia or the Persian Gulf for its interest in the world’s third biggest container shipping company. “We will either exit our investment completely or remain as an ordinary shareholder,” said Yildirim. Yildirim invested $600 million to become a shareholder in CMA CGM between 2010 and 2011. According to the company, the current value of the shares ranges between USD 2.5-3 billion based on recent deals in the industry. A report in Hürriyet CMA CGM has confirmed it is in talks with the Yildirim Group over the sale of the Turkish conglomerate’s 24% stake.
TMT CEO Files $100m IP Suit Over Vessel Sale
Hsin-Chi Su, Chairman and CEO of Today Makes Tomorrow Group (TMT) launched a suit in Texas federal court on July 28, 2014, alleging that a planned bankruptcy sale of three company ships, including M.V.D Whale, M.V.G Whale and M.V.H Whale, to Mega International Commercial Bank Co. Ltd. (Mega Bank) will strip him of intellectual property worth more than $100 million for each ship. According to Ken Liang's deposition at the court, Mega Bank is the agent for vulture fund Oaktree Capital Group. U.S.
