Rodolphe Saadé’s CMA CGM has remained alone in the running to take over Marseille’s top newspaper, La Provence after French billionaire businessman Xavier Niel dropped out of the race.
The French carrier, whose €81m ($81m) bid for a controlling 89% stake in La Provence was approved earlier this year, has agreed with Niel’s holding company NJJ to acquire its 11% ownership interest in the paper.
The deal with Niel, founder of Iliad, the parent company of his telecom outfit Free, will put an end to a takeover battle that lasted several months following the death last year of the previous owner, Bernard Tapie.
All pending legal proceedings will now seize and the Court of Bobigny is expected to rule on the final sale on September 30, with the ownership transfer envisioned for mid-October.
The two parties have also agreed on the creation of a printing plant in Var by 2024, common to the newspapers La Provence and another regional daily French newspaper, Nice-Matin, owned by Xavier Niel.
According to French media, CMA CGM is planning an investment of at least €15m to turn La Provence around by 2026.
