CMA GM converts Brittany Ferries’ loan to shares

2023-03-30T20:44:16+00:00 March 30th, 2023|Finance|

French containership and logistic giant, CMA CGM, now owns a 12% stake in Brittany Ferries, following the conversion of loans into shares.

In September 2021, CMA CGM invested €25 mill in the ferry company by way of €10 mill in convertible bonds and a loan of €15 mill, which will be converted to shares in the company.

“By becoming a shareholder, the CMA CGM Group is renewing its confidence in Brittany Ferries, the leading ferry operator under the French flag. This investment is in line with the Group’s strategy to help maintain the industrial base in strategic transport sectors in France,” CMA CGM said.

Also last September, the two companies entered into a commercial partnership whereby CMA CGM will use cargo space on board Brittany Ferries’ ferry fleet.

Brittany Ferries is also seeking a further €15 mill in capital and is in discussions with potential stakeholders.