Hong Kong: China Merchants Holdings International has completed its buy into CMA CGM’s terminal portfolio. A signing ceremony was held in Luxembourg. Terminal Link, the French containerline’s port subsidiary, owns 15 container terminals in eight countries. CMHI has spent $537m to take a 49% stake in the port company.
Farid Salem, CMA CGM's executive officer, said: "CMA CGM is very pleased to enter a new strategic partnership with CMHI which will allow us to join our complementary forces to operate and further develop in Terminals investments."
China Merchants Group and CMHI chairman Dr Fu Yuning (pictured) said, "On the back of a good working relationship already existing between our two organisations for more than 20 years, the linkage through Terminal Link between CMA CGM and CMHI not only marks a deeper and closer co-operation from here on, but also rolls out a joint and co-ordinated approach to developing the ports business with mutual interests that capitalises on the respective advantages and global network synergy of both parties, with a view to better facilitating international trade activities at the terminal locations through the provision by Terminal Link of more efficient and comprehensive services, whilst creating higher return on investment for our respective shareholders." [12/06/13]
