APM Terminals, a unit of Danish shipping and oil group A.P. Moller-Maersk , agreed to sell its stake in a port terminal in France to a unit of French rival CMA CGM, while buying CMA's stake in a terminal in the United States, the companies said on Friday.
APM Terminals' spokesman declined to disclose financial details of the transaction, which involves stakes in terminals in Dunkirk, France and Mobile, Alabama.
In the port of Dunkirk, CMA CGM's Terminal Link unit raised its stake in Nord France Terminal International (NFTI) to 91 percent from 30 percent by buying APM Terminals' 61 percent share, the companies said in a joint statement.
In the port of Mobile, APM Terminals took full ownership of Mobile Container Terminal LLC (MCT) by buying Terminal Link's 20 percent stake.
"We are not talking about the financials," APM Terminals spokesman Tom Boyd said. "Mobile offers us room to grow and pursue our future Gulf strategy.
APM Terminals said the Mobile facility is a state-of-the-art Gulf Coast gateway opened in November 2008.
Boyd said the Dunkirk stake was less essential strategically because APM Terminals has good coverage of northern Europe through its main French port terminal at Le Havre, as well as its operations in Rotterdam and Zeebrugge in Belgium, Bremerhavn in Germany and others.
APM Terminals said it operates a global network of 50 port terminals with 18,000 employees in 34 countries.
APM Terminals' spokesman declined to disclose financial details of the transaction, which involves stakes in terminals in Dunkirk, France and Mobile, Alabama.
In the port of Dunkirk, CMA CGM's Terminal Link unit raised its stake in Nord France Terminal International (NFTI) to 91 percent from 30 percent by buying APM Terminals' 61 percent share, the companies said in a joint statement.
In the port of Mobile, APM Terminals took full ownership of Mobile Container Terminal LLC (MCT) by buying Terminal Link's 20 percent stake.
"We are not talking about the financials," APM Terminals spokesman Tom Boyd said. "Mobile offers us room to grow and pursue our future Gulf strategy.
APM Terminals said the Mobile facility is a state-of-the-art Gulf Coast gateway opened in November 2008.
Boyd said the Dunkirk stake was less essential strategically because APM Terminals has good coverage of northern Europe through its main French port terminal at Le Havre, as well as its operations in Rotterdam and Zeebrugge in Belgium, Bremerhavn in Germany and others.
APM Terminals said it operates a global network of 50 port terminals with 18,000 employees in 34 countries.