Rodolphe Saadé will find out on May 9 whether or not he has become a press baron to add to his sprawling business empire.
Saade’s CMA CGM, which posted a net profit of $18bn last year, has bid €81m ($92m) for a controlling 89% stake in Marseille’s top newspaper, La Provence, a media group that liquidators are looking to sell following the death last year of previous owner, Bernard Tapie.
Saadé’s offer is being reviewed by the board of directors at La Provence with a decision to be announced on May 9. As well as La Provence the media group also publishes Corse Matin in Corsica.
Saadé, whose family is closely tied to Marseille, told Le Monde newspaper earlier this year that he wanted to buy La Provence as it was a title he enjoyed reading.
Cash-rich CMA CGM has been spending big of late, buying automotive logistics firm GEFCO as well as US-based Ingram Micro CLS and taking a majority stake in French parcel delivery company, Colis Prive. It also invested in Brittany Ferries while developing its own standalone freight airline during the container boom.
