Wan Hai denies takeover talks with CMA CGM
Taiwan's Wan Hai Lines has denied that it is in talks about a possible takeover by French carrier CMA CGM, responding to a report by Seatrade Asia Online.
'Wan Hai Lines have not engaged in any sort of discussion with the French liner company relevant to the takeover or mergers and acquisition issues, although there has been cooperation on joint services in the past,' Wan Hai said. 'If it is true that CMA CGM officials are in Taipei this week to thrash out the deal, it's counterpart may be another Taiwanese shipping line and definitely not Wan Hai.'
CMA CGM is one of the fasting growing container lines in the world and is ranked third in terms of fleet capacity with an aggregate capacity of about 677,000 TEUs. In early 2005, it bought French industrial group Bollore's shipping interests for $600 million, which included specialist Europe/West Africa carriers Delmas, OT Africa Line and Setramar. Also part of the deal with Bollore was a 50 percent stake in Sudcargos, which CMA CGM later gained full ownership of by purchasing French state-owned ferry operator SNCM's share.
Jacques Saade, CMA CGM's founder and chairman has recently stated that while not wanting to see smaller lines disappear through further industry consolidation, his company is still in the market for carefully selected acquisitions.
The two other major shipping lines based in Taiwan are Yang Ming Marine and Evergreen Marine. Yang Ming is ranked 16th with a fleet of about 235,000 TEUs while Evergreen — which in May is reverting to a single brand Evergreen Line by dropping its European subsidiary brand names Hatsu Marine and Italia Marittima — is in fourth place with about 540,000 TEUs.
Wan Hai denies takeover talks with CMA CGM
