by Lloyd's List
25 April 2025 (Lloyd's List) - CMA CGM, the French container shipping giant, has announced the completion of its acquisition of 48% stake in Santos Brasil from asset manager Opportunity after receiving regulatory approval from Brazilian authorities.
The deal, costing around R$6.3bn ($1.2bn), sees CMA CGM increase its stake in the operator to 51%, making it the company’s controlling shareholder.
The transaction, which was first announced in September, was completed at a price per share of R$13.60.
CMA CGM, through its subsidiary CMA Terminal Atlantic, will now launch a mandatory tender offer to acquire the remaining shares in Santos Brasil at the same price and conditions set out in its deal with Opportunity.
The takeover would see CMA CGM remove Santos Brasil’s share listing from Novo Mercado segment B3 on the Brazilian stock exchange.
Santos Brasil has terminal assets in Vila do Conde, Itaqui and Imbituba, but its flagship facility, Tecon Santos, is the largest container terminal not only in Santos but in South America and boasts an existing 2.6m teu capacity.
During the next two years this will be increased to 3m teu, as part of a huge redevelopment and modernisation project that began in 2019.
