Home / Business and Politics / French logistics giant CMA CGM enters the game for the Port of Rijeka

French logistics giant CMA CGM enters the game for the Port of Rijeka

Image by: foto Ratko Mavar

The Port of Rijeka could soon have a new strategic owner. The largest shareholder, Port Acquisitions A.S., which holds 34.34 percent of the shares, has requested the management to allow a potential buyer to conduct due diligence for the possible sale of part or all of its stake.

As announced via Zagreb Stock Exchange, the request pertains to French company CMA CGM, one of the largest global logistics and shipping conglomerates. The management of the Port of Rijeka stated that they will consider the received request and timely inform the public about any further steps.

Although a formal decision on the sale has not yet been made, the request for due diligence typically marks the entry of the transaction into a serious phase. The potential buyer in this process gains detailed insight into the financial condition, contracts, and operational business of the company, which is a standard prerequisite for making a final investment decision.

CMA CGM’s interest aligns with the strategy of this French group, which has aggressively expanded its presence in port infrastructure and logistics in recent years. It is one of the largest global shipping-logistics conglomerates, with a fleet of over 650 ships and a presence in around 160 countries. In addition to maritime transport, the group is developing its business in the areas of port terminals, logistics, and supply chains. Through its terminal operations, it manages or participates in the management of dozens of terminals worldwide, aiming to connect maritime transport with land logistics.

Therefore, a potential entry into the ownership structure of the Port of Rijeka could be viewed as part of a broader positioning in the Adriatic and Central European market, especially in the context of increasingly pronounced competition among the northern Adriatic ports.

Port Acquisitions entered the ownership structure of the Port of Rijeka in March 2023, when it acquired its stake from the Polish company OT Logistics, thereby gaining 34.42 percent ownership. This exceeded the legal threshold of 25 percent, which triggered the obligation to publish a takeover offer.

This offer was published on May 3, 2023, but shareholder interest was relatively weak. According to the final report submitted by the Central Clearing Depository (SKDD), the offer was accepted by 208 shareholders, and a total of 28,985 shares were acquired, which constitutes only 0.22 percent of the share capital.

After the offer was executed, Port Acquisitions increased its stake in the Port of Rijeka to 34.64 percent. The takeover offer included a price of 8.40 euros per share, which the management of the Port of Rijeka deemed appropriate, stating that it reflects the fair value of the share considering its movement in previous months. At the same time, they emphasized that their position does not represent investment advice to shareholders.

Port Acquisitions was established in mid-November 2022 and is owned by the Czech company CE Industries based in Prague, which is backed by entrepreneur Jaroslav Strnad. CE Industries operates in the sectors of recycling, rail transport, and energy and energy engineering.

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