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 Dempsey@FT, NOVEMBER 3 2021