Yildirim Holding to Sell Its Stake in CMA CGM

CMA CGM Turkish port operator Yildirim Holding AS has announced plans to sell its 24 percent stake in the French shipping major CMA CGM. As revealed by the companys Chairman Yuksel Yildirim in an interview with Bloomberg, Yildirim mandated China Citic Bank Corp. to find investors from Asia or the Persian Gulf for its interest in the worlds third biggest container shipping company. The sale has been linked with Yildirims acquisition of the US maritime terminal operator Ports America Holdings from Oaktree Capital Group, with whom the company has an exclusivity agreement valid until the end of July. The move is said to be part of the groups USD 10 billion expansion plan covering ports and mine sector. Under the proposal, USD 5 billion would be spent on acquisitions, while the remaining USD 5 billion would be assigned for construction of Turkish power plants. With the latest investments Yildirim Holdings aims to become one of the top 10 international port terminal operators in the world. World Maritime News Staff