Neptune Orient terminal sale
CMA CGM is said to be seeking a buyer for Neptune Orient’s container terminals in the US, Japan and Taiwan, as well as its joint ventures in Vietnam, Thailand, China and the Netherlands.
The French company, that only brought Neptune Orient Lines Ltd this year, has asked for first-round bids by next month.
Expected to raise approximately $1bn, a sale would help CMA CGM, cut debt after its December offer to acquire Neptune Orient for $2.4bn amid a flood of capacity, declining demand and lower rates.
The assets may attract interest from terminal and ship operators as well as infrastructure funds.
Any sale of Neptune Orient’s terminals could avoid duplication with CMA CGM, which has 13 terminals in countries including the US, France, Egypt and Vietnan.
CMA CGM reported in March that full-year revenue dropped 6.4% to $15.7bn, even with a 6.3%increase in container volumes.
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