The commercial court of Bobigny authorized on Friday the takeover of the press group provence by the Marseille shipowner CMA CGM, after months of stormy negotiations marked by the withdrawal of its competitor Xavier Niel. The court’s decision gives the green light to take charge of 89% of provence in the hands of Groupe Bernard Tapie (GBT), about which there was little more suspense after the agreement announced at the end of August for the takeover by the shipowner CMA CGM, led by Rodolphe Saadé, of the 11% held by its competitor NJJ , the holding company of telecommunications tycoon Xavier Niel.
Almost a year after the death of the emblematic businessman from Marseille and after a legal battle, CMA CGM takes control of the flagship of the press in the south of France, which has 850 employees and publishes the newspapers provence Y Corse-morning. This epilogue could already be glimpsed at the end of the second tender launched in February, when GBT’s co-liquidators had only withheld the offer from CMA CGM which, with a proposal of 81 million euros, crushed the 20 million euros from Xavier Niel, the Founder of Free.
New printing plant by 2024
But the latter then tried to assert his veto right as the majority shareholder, a clause suspended by the Marseille commercial court to avoid any conflict of interest. The agreement finally sealed between the two giants of the economy notably provides for the creation of a joint venture aimed at developing a new printing house in Var by 2024, the two protagonists announced in a joint press release in August. Offering to the group provenceCMA CGM made a remarkable entry into the media world.
The shipping giant’s appetite doesn’t end there, as Rodolphe Saadé is also in the running to take over M6, in a team led by Stéphane Courbit (FL Entertainment).
Source: BFM TV
