Train of Thought: European Transportation Credit Update: EZJLN takeover offer latest; Maersk/Hapag signal first steps towards Suez canal return

研报英文原文证据摘录

Train of Thought: European Transportation Credit Update: EZJLN takeover offer latest; Maersk/Hapag signal first steps towards Suez canal return

on spot freight rates, we expect, which

will help to offset the near-term leveraging impact from the acquisition. We also note that

CMA is due to receive c. $2.4bn proceeds in H226 from the sale of a 25% stake in its

newly-formed ports JV being established with Stonepeak (as announced in Jan’26). In

light of the more cautious outlook facing the container sector into 2027, and with

continued appetite for investments, we would not rule out CMA accessing the debt

markets in the near-term to support this latest purchase. Among the latest references to

the group’s investment appetite was a comment from CMA’s CEO, Rodolphe Saadé (Les

Echos, 2-Jul), saying the group could look into acquiring the remaining shares in M6

(Metropole Television, a private French television channel) in 2028 when restrictions are

lifted (CMA currently owns a c. 10% stake; Le Parisien has previously suggested a

possible €2.5bn valuation for the business, 6-Jun).

• Elsewhere in the sector, the proposed acquisition of ZIM by Hapag-Lloyd (UW) has

been brought back into focus as Israel’s Defense Minister adopted defense ministry

officials’ recommendation to oppose the ZIM sale on the basis of national security

interests (according to a statement seen by Bloomberg, 6-Jul). Ynet also reported (5-Jul)

that Israeli Prime Minister Benjamin Netanyahu commented that the proposed sale of

ZIM to Hapag-Lloyd is “not on the agenda.” ZIM responded in a brief press release (6-

Jul), stating that it continues to act in accordance with the merger agreement and remains

in ongoing collaboration with the relevant state authorities as part of the regulatory

review process.