CMA CGM and YILDIRIM strike new deal

Monday, 6 December 2010 00:01 -     - {{hitsCtrl.values.hits}}

Following its meeting under the chairmanship of Jacques R. Saadé, the Board of Directors of CMA CGM, the world’s third largest container shipping company, announced today that a final agreement has been reached between CMA CGM shareholders and YILDIRIM Group of Turkey.

The agreement enables CMA CGM to strengthen its equity base and secure the financing of its investment plan. Under its terms, YILDIRIM Group will invest $500 million in CMA CGM by acquiring five-year ORA equity notes giving access to 20% of CMA CGM’s share capital.

YILDIRIM Group will also be given three seats on the 10-member Board of Directors. The historic family shareholder will retain a majority interest with 80% of outstanding shares and voting rights.

YILDIRIM Group is an international family-run holding company established in 1963 in Samsun, Turkey. It is currently present in chrome ore mining and trading, ferrochrome production and trading, coal trading, fertilizer production and trading, shipping, shipbuilding, and port management.

As a multi-industry corporation and one of the fastest growing companies in Turkey, YILDIRIM today enjoys the competitive advantage of capabilities recognised in Turkey, which over the years has successfully developed in the global marketplace.