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CMA CGM Acquires 46% Stake In Total Terminal Algeciras

CMA CGM acquires 46% stake in Total Terminal Algeciras

Algeciras, Spain (PortSEurope) August 11, 2020 – CMA CGM, the French shipping company, has signed an agreement with HMM to acquire a 49% stake in Total Terminal Algeciras (TTIA) with the remaining equity to stay with South Korea’s HMM via its ownership of HT Algeciras, a special purpose company. Last June, HMM (previously Hyundai Merchant Marine) was reported to have sold a 50% stake in
TTIA with the buyer unnamed in a sale valued at around €43.14 million ($48.57 million), required by HMM’s need to strengthen its liquidity. The sale must be approved by Autoridad Portuaria de la Bahía de Algeciras (APBA – Port Authority of Algeciras), the European Union, the Spanish and South Korean governments and the directors of HMM. No objections are expected. Algeciras is primarily a transshipment port, and TTI Algeciras connects with more than 115 ports worldwide with several deep-sea and feeder services. CMA CGM SA is a French container transportation and shipping company. It is a leading worldwide shipping group, using 200 shipping routes between 420 ports in 150 different countries. Copyright (C) PortSEurope. All Rights Reserved. 2020.

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