ID 197081994 © Dzmitry Dzemidovich | Dreamstime.com

We’ll get to German matters as swiftly as humanly possible.


Where to start today is plan vanilla following the news on Monday that CMA CGM and Bolloré have agreed a €5bn logistics deal*.

First off, it gratefully validated our base case concerning ’the rump’, as we labelled Bolloré Logistics (BL) in January last year.

Then, glance at the French seller’s corporate tree, and cancel Logistics forever from the chart below (click to expand it) – its exposure already reduced after the sale of ...

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