SHAREHOLDER BATTLE ENDS AT CMA CGM
Jacques R. Saade and Johnny R. Saade, the two brothers and shareholders behind French shipping group CMA CGM, have ended their four-year-long legal
dispute.
Johnny R. Saade had accused his brother of reducing his shareholding in the group and of other of abuses and took Jacques to court.
Jacques R. Saade, president of Holding CMA CGM, issued a statement of Saturday to say that he and his brother Johnny “have conclusively and irreversibly put an end to all their outstanding disputes.”
The Lebanese company Mistral Holding, controlled by Johnny Saade, “has sold all of its rights and shares in the CMA CGM group and its subsidiaries to Holding CMA CGM SA, controlled by Jacques Saade,” the statement said.
A spokesman for Jacques Saade said that both parties agreed not make any further comment on the deal. The spokesman for Jacques Saade said that Johnny Saade has owned 10.48 percent of the CMA CGM group.