Billionaire Saade’s M&A spree reaches Brazil

Ambitious drive: Containers stacked up on the CMA CGM Benjamin Franklin vessel at the port of Antwerp, Belgium. The French firm is vying to take control of Brazilian ports operator Santos Brasil in a US$2bil move to bolster its presence in the region. — Reuters

PARIS: French shipping giant CMA CGM SA, backed by the billionaire Saade family, is vying to take full control of Brazilian ports operator Santos Brasil Participacoes SA in a US$2bil move to bolster its presence in the fast-growing region.

The world’s third-largest container line reached a cash deal to buy 48% of Santos Brasil from Opportunity Asset Management Ltda for around 6.3 billion reais and plans to launch a public offer on the remaining shares in the coming months, according to a statement on Monday.