Bolloré: EU authorizes takeover of Bolloré Logistics
February 26, 2024 at 06:56 am EST
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The European Commission has cleared under the EU Merger Regulation the proposed acquisition of Bolloré Logistics SE by CMA CGM. The clearance is subject to full compliance with the commitments offered by the parties.
The Commission's investigation revealed that the merger, as initially notified, would have led to a reduction in competition on the markets for the provision of sea freight forwarding services in Martinique, Guadeloupe and French Guyana.
To alleviate the Commission's competition concerns, the companies have offered to divest: (i) all of Bolloré Logistics' activities in Guadeloupe, Martinique, Saint Martin and French Guyana; and (ii) several assets related to these activities in mainland France.
These commitments fully remedy the competition concerns identified by the Commission.
The Commission has concluded that the transaction, as modified by the commitments, would no longer raise competition concerns. The decision is subject to full compliance with the commitments entered into.
Margrethe Vestager, Executive Vice-President in charge of Competition Policy, commented: Competitive markets in the maritime transport sector are essential for strengthening territorial cohesion within the European Union, as they enable remote and island territories to remain well connected and to develop economically. Thanks to the corrective measures proposed by the parties, local maritime transit markets will remain competitive, and local consumers will ultimately not have to pay more for products imported from continental Europe.
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Bolloré SE is a holding company organized around 4 areas of activity:
- communication services (46.4% of net sales): studies, consultancy, media strategy development, purchase of advertising spaces, etc.;
- logistical services and transportation (34.4%): air and ground transportation services, port handling services (primarily in Africa), product storage (cocoa, coffee, cotton), operation of railroads, etc.;
- distribution, storage and trade of oil products (17.4%; No. 2 in France);
- production of plastic films and batteries, terminals and specialized systems (1.8%): films for condensers (No. 1 worldwide), heat-shrink films for packages (No. 3 worldwide), electric batteries, ticketing and boarding control terminals (No. 1 worldwide), pedestrian and vehicle access control equipment, etc.
Net sales are distributed geographically as follows: France and DROM-COM (48.6%), Europe (22.4%), Americas (13%), Asia/Pacific (11.4%) and Africa (4.6%).