CMA CGM, the French shipping giant controlled by billionaire Rodolphe Saade, has made an unsolicited offer of US$5.5 billion to buy the logistics arm of Bollore SE, which is controlled by another wealthy French businessman, Vincent Bollore, reports Bloomberg.
CMA CGM aims to finalise the deal around May 8, pending an audit and contract negotiations.
The acquisition would be part of CMA CGM's strategy to develop its presence in both logistics and shipping.
Mr Saade has been on a deals spree, while Mr Bollore has also been active in mergers and acquisitions, recently closing the sale of his group's African ports business.
If the deal goes through, Bollore would exit the logistics business he spent most of his career building and is expected to focus on his media assets.
Meanwhile, Mr Saade has also moved aggressively into media and created a media division within CMA CGM.
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