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French shipping line misses out on aid

The CMA CGM Mozart in Hamburg

The CMA CGM Mozart in Hamburg

CMA CGM, the struggling French container shipping line, will receive no conventional state aid but has spent months trying to persuade France’s sovereign wealth fund to invest, its finance director said yesterday, saying that efforts to bring in private equity investors, including Goldman Sachs and Texas Pacific Group, had failed. It proved impossible to do a deal because the investors were “too greedy”. The executive’s comments throw into question the widespread assumption by the shipping industry that the French state would resolve the problems of the Marseilles-based line.

From the Financial Times, February 26 2010

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