The CMA CGM Group has announced the signing of “a definitive and irrevocable agreement to acquire a c.48% stake in Santos Brasil Participações S/A (« Santos Brazil »)”, a listed Brazilian multi-terminal operator.

SAO PAULO/PARIS (Reuters) -French shipping giant CMA CGM plans to launch a full takeover bid for port terminal operator Santos Brasil after it agreed to buy a 48% stake in the company, it said on Monday as it further expands its grip on global shipping infrastructure.

Cash-rich CMA CGM, the world’s third-biggest shipping group, has been expanding into new areas such as logistics and media, and on Monday said it had agreed to acquire a 48 per cent stake in Santos Brasil, with a view to ultimately taking over the group.

The French shipping group agreed to buy a 48% stake in Brazilian terminal operator Santos Brasil Participacoes and plans to acquire the remaining shares as it looks to boost its presence in the country amid increasing demand.

French shipping giant CMA CGM agreed to buy 47.6% of port terminal operator Santos Brasil for 6.3 billion reais ($1.2 billion), and will launch a takeover bid for the remaining stake, the Brazilian firm said on Sunday in a securities filing.

French shipping giant CMA CGM has acquired 48 per cent stake in Brazilian port terminal operator Santos Brasil Participacoes, for about $1.15bn

Santos Brasil manages 3 Container Terminals, 1 Vehicle Terminal, 1 Liquid Bulk Terminal, and 3 Logistic Facilities.