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Yildirim to sell CMA CGM stake as part of plans to buy Ports America

Turkey's Yildirim Holding is looking to divest its stake in CMA CGM as the family-owned company moves forward with plans to buy terminal operator Ports America Holdings.

Yildirim Holding AS is seeking buyers for its stake in the world’s third-biggest container shipper as the family-owned Turkish company presses ahead with a plan to acquire Ports America Holdings Inc., a U.S. maritime-terminal operator.

Yildirim mandated China Citic Bank Corp. to find investors from Asia or the Persian Gulf for its 24 percent interest in CMA CGM SA, Chairman Yuksel Yildirim said in an interview in Istanbul on Monday. Investment banks have valued the holding, which Yildirim bought for USD 600 million over a period spanning 2010 and 2011, at USD 2.5 billion to USD 3 billion based on recent deals in the industry, he said.

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