French containerline CMA CGM is still on the hunt for acquisition targets despite ending its interest in Germany’s Hapag-Lloyd.
CMA CGM was linked to a takeover of Hapag-Lloyd in July, however the German line hit back when shareholder Klaus-Michael Kühne, said: “Hapag-Lloyd would rather take over CMA CGM than vice versa.”
Speaking to Reuters, CMA CGM’s CEO Rodolphe Saade confirmed Hapag-Lloyd was a target but said the “matter was closed” although the firm is still open to other acquisitions.
“The shipping sector is consolidating further and if there are opportunities the CMA CGM group … is able to be in the running for a new deal,” Saade told Reuters on the sidelines of a ship launch ceremony in Le Havre.
CMA CGMA is the world’s fourth largest shipping line according to Alphaliner, with total capacity of around 2.64m teu.