French CMACGM wins $269 million bid for Comanav
2007-03-30
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France’s leading maritime transport company CMACGM has acquired Morocco’s 76% stake in the domestic maritime company Comanav for $269 million, MAP quotes the Financial Ministry as saying on Thursday (March 29th). The deal closed slightly above the minimum bid price of 2.2 billion dirhams but below government estimates of 3 billion announced earlier. The Marseille-based, Lebanese-owned company won its bid after offering the highest price among 13 other contenders. The sale is part of a large-scale privatization programme underway in Morocco. In the past 10 years, the country has privatized 70 companies totalling more than $8 billion, or 82% of the country's state-owned industries to foreign investors. Comanav, Morocco's largest freight company generates most of its revenues from passenger and cargo freight between the country and Europe, where most of Morocco's 5 million expatriates live. (MAP)
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