Le Fonds stratégique d’investissement has closed its $150 million investment in container shipping company CMA CGM through mandatory convertible bonds.
The closing was pursuant to the agreement signed in February 2013, having obtained the relevant competition authorities approvals. Le Fonds stratégique d’investissement, also known as FSI, is 49 percent owned by the French government and 51 percent owned by Caisse des Depots et Consignations, a French financial organization. Created in 2008, FSI supports French enterprises by taking minority shares in them.
Going forward, FSI will be represented on CMA CGM’s board of directors by Denis Ranque, chairman of the EADS board of directors. Thomas Devedjian, director and member of FSI’s executive committee, will join CMA CGM’s board of directors as an observer.
“We are very pleased to welcome the FSI as a shareholder and partner in the continued development of our group,” said Rodolphe Saadé, executive officer of CMA CGM, in a written statement.
CMA CGM Group ranked sixth by volume among container carriers serving the United States for both imports and exports in 2012. Its fleet is the third largest in the world, according to Alphaliner, as of July 2.
CMA CGM is planning an alliance with its two larger rivals, Maersk Line and Mediterranean Shipping Co., on the major east-west trades. The French, Danish and Swiss ocean carriers aim to launch the P3 Network in the second quarter of 2014.