CMA CGM has completed its takeover of Finish short sea cargo carrier and logistics firm Containerships, according to statements from both companies.
The announcement has come after the acquisition was approved by the EU Commission in October 2018.
The deal was initially agreed in June 2018 and will see entire Containerships’ entire logistics operations integrated in CMA CGM’s.
CMA CGM completes the acquisition of #Containerships and reinforces its position as a major actor in intra-European transportation. With this acquisition, CMA CGM strengthens its strategy aimed at densifying its regional network > https://t.co/efJh1nKDig pic.twitter.com/enSGpD06Wp
— CMA CGM Group (@cmacgm) October 31, 2018
The acquisition of Containerships is part of CMA CGM’s strategy to densify its regional network and strengthen its regional offering.
In a statement, CMA CGM said: “With the acquisition of Containerships, the Group strengthens its position as a major player in intra-European transport.
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“With Containerships, CMA CGM is also pursuing its strategy towards the protection of the environment with the upcoming entry into Containerships’ fleet of four 1,400 TEU vessels powered by liquefied natural gas (LNG).
Containerships also commented: “We are pleased to announce that Containerships plc is now part of the CMA CGM Group, one of the world leading container shipping companies, as per the acquisition process that has been initiated in June this year.
“The operation brings an extraordinary range of new capabilities and opportunities at your service.
“Containerships’ strong presence in Northern Europe and the Baltic Sea completes CMA CGM’s short sea network and strengthens both party’s position in the European logistics market”.