French shipping giant CMA CGM has gained an approval from the European Commission to acquire Finland’s Containerships.
To remind the deal between CMA CGM and Container Finance was announced back in June and it includes Container Finance’s holdings in Multi-Link Terminals and CD Holding.
The European Commission said in its approval dated October 23 that the combination would not affect competition due to its limited impact on the sector.
The combination is expected to take place on October 31, according to a Containerships statement issued after the EU approval.
Upon closing the agreement, Container Finance’s entire container logistics operations will integrate to CMA CGM’s intra-regional market offering in Europe and Mediterranean area.
Worth mentioning, both CMA and CGM and Containerships have been heavily investing in liquefied natural gas (LNG) as fuel.
CMA and CGM has nine giant newbuild LNG-powered containerships on order, scheduled for delivery beginning 2020 onwards, while Containerships recently christened its third and fourth LNG-powered vessel and is planning to add two more.
LNG World News Staff