French container shipping company CMA CGM plans to continue to look for acquisition opportunities after its plans for merging with German rival Hapag-Lloyd fell through, Reuters reports.
Speaking on the sidelines of the inauguration of the company's new flagship, the 20,600 TEU CMA CGM Antoine de Saint Exupery, in the Port of le Havre, the company's CEO Radolphe Saade, confirmed to Reuters his company was interested in Hapag-Lloyd, but added that the matter was closed now.
Potential future targets of the company have not been revealed.
Information on CMA CGM's exploratory approach toward Hapag-Lloyd on a potential merger emerged in July 2018, however, the German company turned down the proposal.
Commenting on the consolidation of top-tier carriers like CMA-CGM and Hapag-Lloyd, Drewry said earlier that such a business combination was unlikely as it would probably be challenged by regulatory authorities amid fears of breaking fair competition rules.
One of the most recent acquisitions saw CMA CGM buy Brazil's container shipping line Mercosul Line from Maersk Line.
CMA CGM and Maersk Line announced the deal in June as part of Maersk Line's move to acquire Hamburg Süd, which Maersk finalized at the end of November.
The move was preceded by CMA CGM's acquisition of Neptune Orient Lines (NOL), which operates through the APL brand, a year earlier.
When asked about the rising tensions between the U.S. and China and the impact on the company's business from the spat, Saade said that the trade flow between the two countries remains strong, especially on the Transpacific route. Nevertheless, should tensions further escalate with the introduction of new tariffs, transported volumes are likely to be impacted.