CMA CGM completes takeover of Morocco’s Comanav
France’s CMA CGM Monday completed its acquisition of Compagnie Maroccaine de Navigation (Comanav) following publication of the privatization order signed by Moroccan Prime Minister Driss Jettou.
CMA CGM, as head of an unnamed consortium, was named the winner of the 61-year-old company’s privatization auction in late March with a bid of about 200 million euros ($269.7 million).
Comanav posted turnover of about $200 million in 2006. Its main sectors of business are transporting passengers and freight in the Atlantic and Mediterranean regions, and managing port operations through its presence at the Tanger-Med terminal and as part of Somaport, which operates two terminals in the port of Casablanca.
“This transaction will enable CMA CGM to strengthen its position in shipping lines and port activities in Morocco,” CMA CGM said in a statement. “With the acquisition of a company in this region, CMA CGM gains a geographic advantage, putting it in a position to offer CMA CGM and Comanav customers more comprehensive cargo services between Morocco and Europe and enhanced passenger services on the Mediterranean.”