Bolloré Group announced that it received a put option to acquire 100% of Bolloré Logistics for an enterprise value of €5 billion euros from the CMA CGM Group on May 8.
In a brief statement, Bolloré said this was the result of exclusive negotiations announced on April 18, 2023, between the Bolloré Group and the CMA CGM Group.
"The Bolloré Group has accepted this put option strictly as an offer. The information and consultation procedures with the relevant staff representative bodies of the Bolloré Group pertaining to this transaction shall now be initiated," the announcement added.
"The decision as to whether or not to exercise this put option will be taken at the end of these procedures," Bolloré Group further said.
Meanwhile, the announcement also noted that as a result of adjustments agreed between the parties primarily relating to the valuation of minority interests and to IFRS16 debt, the purchase price would amount to €4.650 billion euros, prior to calculating debt and cash on the completion date.
CMA CGM has also reiterated its commitment to purchase the transport and logistics operations of the Bolloré Group.
In a brief release, the French container transportation and shipping company said the deal would "reinforce its logistics expertise in differentiating, high-value industry verticals."
"With Bolloré Logistics, CMA CGM Group's logistics activities would become a Top Five global logistics player," CMA CGM said.
It added that this would also accelerate CMA CGM Group's diversification into logistics.
The CMA CGM Group announced on April 18 that it has entered into "exclusive negotiations" to acquire the transportation and logistics activities held through Bolloré Logistics.
It said then that the takeover bid of the family-owned Bolloré Logistics worth US$5.5 billion could see CMA CGM combining the logistics operations with its own, CEVA Logistics.
"The negotiations are in line with the CMA CGM Group's long-term strategy, based on the two pillars of shipping and logistics. The Group's strategy is to offer end-to-end solutions in support of its customer's supply chain needs," CMA CGM said in the announcement.
Figures from Armstrong & Associates ranked Bolloré Logistics as 10th in terms of yearly airfreight volumes with 656,000 tonnes — while CEVA, is 14th with 474,000 tonnes.
The proposed combination of Bolloré Logistics and CEVA would see the creation of the world’s fifth-largest airfreight forwarder.
"Following this offer, the Bolloré Group and the CMA CGM Group entered into exclusive talks to enable a confirmatory due diligence process and engage in contractual negotiations of a put option, based on such offer, to be issued by CMA CGM, if it so decides, on or about May 8, 2023," the announcement earlier said.
