French shipping group CMA CGM (CMACG.UL) is offering 5 billion euros ($5.48 billion) for the logistics unit of Bollore, the family-run conglomerate said on Tuesday.
For Bollore a deal would mean cutting ties with its biggest business while offering cash-rich CMA CGM a chance to bolster its bid to offer end-to-end transportation services and supply chain management.News of the indicative offer, made on a cash free and debt-free basis, boosted Bollore's shares.Bollore said in a statement that it had agreed to enter into exclusive talks with CMA CGM until May 8.
It said a successful transaction would hike the offer price for its buy back program by 25 euro cents per share. CMA CGM, privately controlled by the founding Saade family, has seen its earnings surge in the past two years on high freight rates and saturated supply chains.
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