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France’s CMA CGM commits to buy French financial daily La Tribune

France-based CMA CGM, one of the world’s largest container lines, said on Friday it had made a commitment to buy French financial daily La Tribune, pursuing its recent foray into the French media sector.

In a statement, the company based in Marseille and privately controlled by the founding Saade family said it planned to buy 100% of Groupe Hima, owner of the digital newspaper.

Cash-rich CMA CGM, which has embarked on an acquisition spree after making big profits during the pandemic, already owns French local newspapers “La Provence” and “Corse Matin” and holdsa more than 10% stake in M6 MMTP.PA, France’s second-biggest private TV network.

“The final completion of the deal hinges on consultation by staff representative bodies and then on the green light of regulatory authorities,” CMA CGM said.

“The development of the group in the media sector …reflects both a diversification strategy and a will to strengthen the local and national foothold of CMA CGM.”
Source: Reuters (Reporting by Benoit Van Overstraeten; editing by Dominique Vidalon and Jason Neely)

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