France's global shipping line CMA CGM Group has completed its takeover of Moroccan shipping line and port operator Comanav.
The Marseille-based, Lebanese-owned company acquired the Moroccan government's 76% stake in Comanav with a winning bid of $269 million this year on March 29.
The sale is part of a large-scale privatisation programme currently underway in Morocco.
In the past decade, the Moroccan government has privatised 70 companies totaling more than $8 billion, or 82% of all the country's state-owned industries to foreign investors.
CMA CGM has said that the purchase would help strengthen its position in container shipping and port activities in Morocco and enable customers from both Comanav and CMA CGM to have access to more comprehensive cargo services between Morocco and Europe.
Comanav mainly operates scheduled ro/ro and container services in the Atlantic and the Mediterranean.
The Marseille-based, Lebanese-owned company acquired the Moroccan government's 76% stake in Comanav with a winning bid of $269 million this year on March 29.
The sale is part of a large-scale privatisation programme currently underway in Morocco.
In the past decade, the Moroccan government has privatised 70 companies totaling more than $8 billion, or 82% of all the country's state-owned industries to foreign investors.
CMA CGM has said that the purchase would help strengthen its position in container shipping and port activities in Morocco and enable customers from both Comanav and CMA CGM to have access to more comprehensive cargo services between Morocco and Europe.
Comanav mainly operates scheduled ro/ro and container services in the Atlantic and the Mediterranean.