CMA CGM consortium to buy Morocco’s Comanav
The Moroccan government Thursday named a consortium headed by French shipping group CMA CGM as the winning bidder for the national shipping company Compagnie Maroccaine de Navigation (Comanav).
CMA CGM would not reveal the other members of the consortium, but said the winning bid was about 200 million euros ($266.5 million).
Comanav has three main sectors of business: transporting passengers and freight in the Mediterranean region; managing port operations in Somaport in Casablanca; and a 20 percent stake in Tanger Med, Morocco’s second largest container terminal.
Morocco’s Privatization and Finance Ministry issued an international call for bids for Comanav’s privatization on Jan. 22. CMA CGM said it expects to complete the deal within two months.
“This company is of great interest to CMA CGM’s, as it will help strengthen our position in Morocco both in terms of cargo transport and port operations,” CMA CGM said in a statement.