In the last few days, the Saadé family has been playing a double game. According to WanSquare's information, while it always pretended to be holding discussions with two candidates, the family that owns CMA-CGM had in reality already chosen the next shareholder of the Marseilles ship-owner: Qatari Holdings. The purpose of these tactics was to obtain the best agreement with the Qataris during the final stages of the negotiations.
The fund from the Middle East, which was preferred by Jacques Saadé and which has apparently already reached an agreement with the banks from the steering committee, could thus inject up to 1 billion dollars of liquidity into the Marseilles ship-owner, part of which would be dedicated to increasing its equity capital (in the form of new shares or convertible bonds). |
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Alongside the FSI, whose budget is apparently close to 250 million dollars, it will obtain 49% of the capital. Furthermore, about 500 million dollars could be used to reduce the senior debt. The bond debt maturing in 2012 and 2013 (770 million dollars) would, however, be preserved.
Colony Capital's offer was lower, with a contribution of new money estimated at around 500 million dollars, which would only have given it a blocking minority, and was less satisfactory for the creditors.
While unofficially the decision has been taken, it should be announced between now and the end of the week, and the final proposal should be presented to the Commercial Court at the end of the conciliation period on Monday.
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CMA-CGM: the die is cast
