A major player in the Brazilian domestic shipping market a joint statement from Maersk and CMA CGM said the sale would ensure the Brazilian cabotage sector remained competitive.
“The acquisition of Mercosul represents a milestone in CMA CGM’s development strategy in South America. It is a well-managed company and we will leverage this platform to expand our footprint and service offerings to and from Latin America, seizing opportunities linked to the high growth prospects in this region,” said Rodolphe Saadé ceo of CMA CGM.
The sale of Mercosul is dependent on Brazilian regulatory approval for Maersk’s acquisition of Hamburg Sud, a strong player in the Latin American market, and the integration of the Brazilian line into CMA CGM would not start until Maersk starts its own integration with Hamburg Sud.
Mercosul was founded in 1996 and acquired by Maersk in 2006. “CMA CGM is a good fit for Mercosul and we are confident that they will continue to develop the company going forward,” commented Soren Toft, coo of Maersk.
Mercosul operates a fleet of four ships in Brazil and South America and had revenues of $128m in 2016 claiming “strong profitability”.
No financials details of the transaction were revealed.
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