CMA CGM Group SA Acquisition of Bolloré Logistics

Analysis Group was retained on behalf of French container shipping and transportation company CMA CGM Group SA (CMA CGM) in connection with its intended acquisition of Bolloré Logistics, a division of a French conglomerate with a specialization in transport and logistics services for luxury goods. A Phase I investigation by the European Commission and French overseas competition authorities focused on the impact of the merger on competition in downstream markets where Bolloré has a presence, such as freight forwarding.

An Analysis Group team led by Managing Principal Antoine Chapsal, Principal Emmanuel Frot, and Manager Mario Luca provided economic analysis to assess the competitive effects of the merger, the results of which demonstrated that the merged entity would have neither the capacity nor the incentive to restrict access to inputs or customers. The acquisition obtained clearance from all three regulators, subject to minimal divestiture requirements.