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French shipping group CMA CGM buys Los Angeles container terminal


       French shipping group CMA CGM has agreed to buy a container terminal operator at the Port of Los Angeles, where the global supply chain turmoil has been most visible, in a deal 

worth $2.3bn including debt.

The Marseille-based company will take full ownership of Fenix Marine Services (FMS), buying 

90 per cent of the company for $1.8bn, using its own funds. It adds to its existing 10 per cent 

stake in the company and deepens its foothold in the main US gateway for trade with Asia.

Harry [email protected]FT, NOVEMBER 3 2021