Latest news with #Borusan
Business Recorder
3 days ago
- Business
- Business Recorder
CCP approves CMA CGM's acquisition of Turkish logistics firm Borusan
The Competition Commission of Pakistan (CCP) on Tuesday granted approval for the global shipping and logistics giant CMA CGM S.A. to acquire Borusan Tedarik Zinciri Cozumleri ve Teknoloji Anonim Sirketi (Borusan), a Turkish third-party logistics firm. The merger was reviewed under Section 11 of the Competition Act, 2010, and the Competition (Merger Control) Regulations, 2016, the commission said in a statement. Shipping intelligence report The transaction entails CMA CGM acquiring full ownership of Borusan from its current shareholders, Borusan Holding AS and Borusan Yatirim ve Pazarlama AS, both based in Türkiye. CMA CGM, headquartered in France, is a major player in container shipping and port terminal services, with operations in Pakistan through CEVA Logistics Pakistan Pvt. Ltd and CEVA Air and Ocean Pakistan Pvt. Ltd. Borusan, meanwhile, is primarily active in the Turkish logistics sector and has only a minimal presence in Pakistan through a local agent. According to the CCP's assessment, the merger does not raise competition concerns in the domestic market, particularly in the freight forwarding (air and sea) segment. The Commission concluded that the transaction does not result in the creation or strengthening of a dominant position and does not impose significant entry barriers for other players. The green light signals the Commission's continued support for facilitating cross-border investments while ensuring competitive market practices.
Bloomberg
26-04-2025
- Business
- Bloomberg
CMA CGM Acquires Turkish Logistics Company for $440 Million
Turkish conglomerate Borusan sold its logistics and supply chain solutions firm to French shipping giant CMA CGM SA for $440 million, according to a statement dated Saturday. Borusan signed a binding deal with Ceva Logistics, a unit of closely held CMA CGM, to sell all shares of Borusan Tedarik Zinciri Cozumleri ve Teknoloji AS, the Turkish company said in an exchange filing. The price of $440 million is subject to net cash and working capital adjustments, while the deal is pending regulatory approvals.
