French shipping giant rules out Qatar bid < French news | Expatica France

The debt-ridden French shipping giant CMA-CGM on Monday ruled the Gulf investment group Qatar Holding out of the running to help it recapitalise.

"Their conditions were too hard," said the chairman of CMA-CGM's board, Jacques Saade, referring to the bid by the Gulf royal family's investment arm Qatar Holding to buy a stake in the French company from his family.

Another investor, the US group Colony Capital, also dropped out of the bidding, added Saade, whose family controls the Marseille-based company, the third-biggest container shipping line in the world.