European Commission’s competition regulators has approved CMA CGM acquisition of Container Finance, the holding company that controls regional container operator Containerships.
CMA CGM, the world’s fourth largest carrier by capacity, agreed in June to acquire Finland-based Containerships and its logistics operations.
"A combination agreement between Container Finance Ltd Oy and CMA CGM, signed on 20th June 2018, has been accepted unconditionally by all relevant competition authorities meaning CMA CGM is free to take over short sea carrier Containerships," said a statement from Containerships.
Upon closing the agreement, Container Finance’s entire container logistics operations including Containerships plc, Multi-link Terminals Ltd and CD Holding Oy will integrate to CMA CGM’s intra-regional market offering in Europe and Mediterranean area.
CMA CGM said that the acquisition of Containerships would “strengthen even more the development strategy implemented by Rodolphe Saadé, CMA CGM Group’s Chairman and CEO, aimed at densifying the group’s regional network.”
Foundend in Finland in 1966, Containerships is an Intra-European Shortsea specialist and has a workforce of 560 people and offers its customers a wide range of services, as well as logistics solutions by ship, truck, rail and barges.
It has a strong presence in the Baltic market, Russia, Northern Europe, North Africa and Turkey, which is expected to strengthen CMA CGM’s intra-European offer, specially in North Europe and the Mediterranean.
"The combination will not affect the rights of Containerships’ bond holders. Containerships continues to develop routes and services to provide industry’s best customer experience," said the statement.
Containerships is undergoing a significant environmentally strategy, in preparation for the International Maritime Organisations’ 2020 rules on sulphur emissions.