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Bolloré’s Polynesia subsidiary has been put up for sale by new parent CMA CGM, claiming local regulators forced its hand.
Concerned over the emergence of a regional monopoly, the Polynesian Competition Authority (APC) warned CMA CGM it would block its acquisition of Bolloré unless it terminated its Panama Direct Line service or sold Bolloré’s Polynesia business.
The acquisition went ahead after a commitment by the French group to the APC and the EC it would sell several subsidiaries, not just in Polynesia.
This morning, CMA CGM said: “The group has initiated the sale of 100% of Bolloré Logistics’ activities in Guadeloupe, Martinique, Saint-Martin, French Guiana and Polynesia.
“In this context, the CMA CGM group has received a put option from Balguerie Group, with which it has signed an exclusivity agreement for the sale of these activities.”
Given the local subsidiary’s size – just 37 staff running a 600 sq metre warehouse – there was little chance it would drop the service, which runs from Belgium to Australia, via the US east coast and the Panama Canal.
The carrier’s 100% acquisition of Bolloré Logistics’ was confirmed on 29 Feb, with the final price listed as €4.85bn ($5.17bn).
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