CEO Robert Yuksel Yildirim has announced they have reached an agreement with the Saadé family to take over the shares of the Turkish investment group. According to the info released by Yildirim the final sale will be realized before the end of the year in accordance with the agreements concluded with the French CMA CGM group 5 years ago.
Yilderim supported the suffering French carrier CMA CGM back in 2010 while they were suffering during the economic crisis reflecting in serious losses for the shipping industry and the suffering CMA CGM group. Thanks to the financial assistance of Yilderim, CMA CGM was able to turn the tide and meantime they have become one of the most profitable container carriers in the world.
Is was not revealed how much the family Saadé will need to pay to Yilderim for this transaction but it is quite clear an important amount is involved. Before five years Yilderim injected half a million dollar followed by another 100 million to reach 4% of the CMA CGM shares.
According to Yuksel Yilderim the revenues will be used to invest in new opportunities. The Turkish company has no plans to return in shipping or shipbuilding at the present moment and will focus on acquisitions in mining industry and terminals within their group operating under the name of Yilport.
Already two weeks ago Yilport realized the takeover of the Portuguese companies Mota-Engil Logistica and Tertir Terminals for an amount of euro 335 million. As a result Yilport will reach for another 10 shipping terminals from Lisbon and Santa Apolonia in Lisbon, Saduport in Setubal, TCL Terminals in Leixoes and Euroandinos Terminal in Paita/Peru.