Towards a European vision on strategic assets

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Olaf Merk, the OECD’s expert on shipping and ports (writing here on his personnel blog, rather than as part of his day job) questions the future for CMA CGM and its terminal operating subsidiary, Terminal Link, in the context of the French government’s decision to take 100% control of its STX shipyard, and CMA CGM shareholder Robert Yildirim’s wish to sell his 24% stake. His suggestion is that this could be the beginning of a pan-European answer to China’s emerging desire to acquire international logistics assets. “One might imagine that the representative of the French sovereign wealth fund – that saved CMA CGM during the financial crisis – sitting in the board of CMA CGM will feel uneasy about the Chinese interest. The case of STX signals a possible roadmap for the sale of Yildirim’s shares.”