A consortium formed by French liner shipping giant CMA CGM and Spanish ferry operator Balearia has gained control of Moroccan state-owned shipping company Comanav. Sources close to Comanav say the price offered by CMA CGM and Balearia was the closest to the €220M ($293M) requested by the Moroccan government to give up the 76% stake it owns directly and indirectly in the shipping company. The link-up between CMA CGM and Balearia has caught many observers by surprise as many had bet on a link-up between CMA CGM and French ferry operator Veolia Transport, which controls SNCM and which was working closely on the privatisation of Comanav.
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