SIMIC

THE Mediterranean Shipping Co (MSC) subsidiary, SAS Shipping Agencies Services, continues its expansion with an exclusive bid to acquire a controlling share of French forwarder Clasquin, reports New York's Journal of Commerce.

The offer targets the 42 per cent stake in the Paris-listed Clasquin Group currently held by chairman Yves Revol and his company Olymp.



Although the offer price remains undisclosed, it will be determined based on the stake's US$357 million enterprise value.



Shareholders have until the end of the first quarter of 2024 to evaluate and decide on the offer. If accepted, SAS plans to initiate a public tender offer for the remaining capital of Clasquin, ultimately achieving 100 per cent ownership of the company.



A successful acquisition would significantly enhance MSC's annual volume, incorporating nearly 200,000 TEU and over 50,000 tons of air freight.



Clasquin, which reported a gross profit of $113 million in the first three quarters of the year, has been handling ocean freight and air cargo, with some fluctuations compared to the previous year.



While MSC differs from the strategies of Maersk and CMA CGM in pursuing end-to-end control of supply chains, the Geneva-based carrier, reportedly posting a net profit of $39 billion in 2022, has deployed its financial strength to make acquisitions.



Recent ventures, particularly in the container terminal sector, include a half-share acquisition of Hamburg's main container terminal operator, Hamburger Hafen und Logistik (HHLA), strengthening MSC's presence in Europe's third-largest port.



The details of the HHLA deal, encompassing a 49.9 per cent offer, remain undisclosed, but analysts estimate its value at $1.5 billion.



This move follows MSC's contract extension with Eurogate for the joint operation of the MSC Gate Bremerhaven terminal for an additional 25 years, solidifying the carrier's position in Europe's northern range ports.