CMA CGM Targets Air Belgium in Takeover Bid

Air Belgium has confirmed that French maritime group CMA CGM submitted a takeover bid for the airline to its court-appointed administrator on March 19, with the Walloon Brabant Business Court set to review the bid during a hearing on March 27. CMA CGM, one of the world’s largest shipping and logistics companies, is primarily owned by chairman and CEO Rodolphe Saadé and his family through Merit France SAS, holding a 73% stake. The company is further supported by Turkish family-owned Yildirim Holding, which owns 24%, while Bpifrance, the French public sector investment bank, holds a 3% share. This takeover bid is part of CMA CGM’s broader strategy, which already includes operating a cargo airline, CMA CGM Air Cargo, with a fleet that comprises two Boeing 777-200Fs – with a third under a CMI arrangement with Atlas Air – and one Airbus A330-200F.

Before obtaining its own air operator certificate in 2022, CMA CGM had placed four A330-200Fs under a CMI deal with Air Belgium, indicating a long-standing involvement in the airline’s operations. The holding company also maintains a cargo joint venture with Air France-KLM, in which it holds an 8.8% stake, further highlighting its active role in the aviation sector. The new bid from CMA CGM emerges in the wake of a previous development when, on May 6, the court rejected a planned takeover of Air Belgium’s cargo business by Air One Belgium SA, an entity established by the UK firm Air One International Holdings and Dutch company Peso Aviation Management. The court had ruled that the conditions of the transfer agreement for that deal could no longer be met within the designated timeframe. As a result, Air Belgium’s administrator, Bernard Vanham, was given until March 27 to secure an alternative offer to ensure the airline could continue operating.

Air One Belgium CEO and major shareholder Peter Scholten has strongly refuted the court’s decision regarding the earlier takeover attempt and announced his intention to appeal the ruling. On March 20, a spokesperson for Air One Belgium indicated that the appeal process was already underway, and the company was unlikely to release any further comments until a decision was reached. According to reports, the initial takeover arrangement was cancelled due to several critical issues, including difficulties in obtaining approval from Belgium’s Civil Aviation Authority and securing a guarantee from Air Belgium’s main customer, Sichuan Airlines, to continue honoring its contracts. Despite these challenges, Scholten maintained that Air One Belgium was finalizing a lease agreement for two Boeing 747 freighters with Sichuan International Air Cargo Development and was in the process of submitting the necessary regulatory approvals, although some delays were experienced due to holiday periods.

Air Belgium has been under judicial supervision since September 2023 and transitioned into judicial liquidation in September 2024 as a result of its ongoing financial difficulties. The airline was given a four-month window to find a buyer for its assets, and the previous deal with AOIH and Peso Aviation Management was finalized in December 2024. Since September 2023, Air Belgium has concentrated on cargo and ACMI services, operating two A330-200(P2F) aircraft owned by Altavair and two Boeing 747-8Fs that were previously owned by the Hongyuan Group. The latest developments underscore the ongoing challenges facing Air Belgium as it seeks a viable path forward in a competitive and rapidly evolving aviation market.

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Sources: AirGuide Business airguide.info, bing.com, ch-aviation.com