Report: Qatar mulls $1b investment in French firm

04 Apr 2010

(MENAFN) Qatar would spend as much as $1 billion in France’s debt-laden CMA CGM, which is the world’s third-biggest shipping group, Gulf Daily News reported.

The Qatar Investment Authority (QIA) has offered the equivalent of $1 billion in the form of loan guarantees, and CMA is currently in talks with the Qatar fund.

According to Gulf Daily News, the two parties are expected to reach an agreement by summer. The report said that Qatar is mulling the option of using its investment in CMA CGM as part of its planned maritime hub in the port of Doha.

CMA CGM, which owns 360 ships and employs 16,400 people, is a family-owned business headed by its founder Jacques Saade.

In November last year, Saade said that the group was seeking capital from investment funds and needed nearly $300 million to $400 million. Creditors agreed to provide CMA CGM, which was burdened with more than $5 billion in debt, with loans worth $500 million in December in exchange for a management reorganization.

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