French logistics giant CMA CGM, best known for its container shipping operations, has submitted a bid to acquire the struggling cargo division of Belgian airline Air Belgium.
De Tijd reports this.
The offer from CMA CGM comes as a surprise, as the cargo unit was initially set to be taken over by Air One Belgium, a consortium of Dutch PESO Aviation Management and British Air One Holding International.
The Commercial Court of Nivelles had approved that deal in December 2023. However, in early March, the court withdrew its approval, ruling that Air One Belgium was unable to complete the transaction.
It then allowed other potential buyers until March 27 to submit offers. Air Belgium confirmed on Wednesday that CMA CGM has officially placed a bid, a move also verified by court-appointed administrator Bernard Vanham.
Despite CMA CGM’s bid, the acquisition remains uncertain. Air One Belgium has appealed the Nivelles court’s decision from early March. The Brussels Court of Appeal is set to review the appeal on April 3, while the Nivelles court will assess the French bid on March 27.
The legal situation remains complex. Vanham suggests that Air One Belgium’s chances of success are slim and is working to reach a resolution in the coming days. Time is running out to prevent Air Belgium’s bankruptcy. While three other interested parties emerged, they lacked the time to prepare formal bids. CMA CGM, however, had been working on its proposal for some time, according to Vanham.
