CMA CGM has its eye on a state-owned shipping company: French shipping giant CMA CGM is in early-stage talks with the government to acquire a stake in state-owned shipping firm National Navigation Company(NNC), Al Mal reported yesterday, citing sources familiar with the matter.

Key details are scarce: The Transport Ministry and the National Bank of Egypt are both involved in the talks, according to the news outlet, an indication that the company is intereste d in acquiring shares owned by the state lender as well as NNC’s majority shareholder, the ministry-controlled Holding Company for Maritime and Land Transport. No details were provided about how much of the company CMA wants to acquire or how much existing shareholders may be prepared to sell.

Who owns what: The holding company owns 56% of NNC and NBE has a 39.9% stake. The remainder is owned by private-sector investors.

What’s next? NNC and CMA CGM will each produce valuations of the company, which will be presented to the Transport Ministry and the holding company.

What’s the National Navigation Company: The company is the largest Egyptian shipping company specialized in dry cargo, according to its website.

CMA CGM is already involved in the nation’s ports: The company is part of a consortium awarded a contract by the government to construct, operate and manage a new container terminal at Ain Sokhna port, and is bidding for the contract to construct the Tenth of Ramadan dry port.

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