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ANL - new owners take helm of liner business

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Minister lor Finance and Administration The Hon John Fahey MP

Minister for Transport and Regional Services The Hon John Anderson MP


ANL - New Owners take helm of Liner Business

ANL and the Commonwealth has completed the sale of ANL’s Liner Shipping business to French based international shipping company Compagnie Generale Maritime SA (CGM). The ANL container shipping business will operate under the name ANL Container Lines Pty. Ltd. It

will be part of the CGM network which is one of the world’s major international shipping businesses.

In completing the sale of ANL, the Government has significantly reduced the exposure to the business losses of ANL, while providing a commercial future for the small ANL Liner business as part o f a major international operation.

CGM was announced the preferred bidder for ANL Liner Division following a public tender process, which began in January 1998. Successive governments have attempted to sell the shipping business since 1990.

CGM paid the Commonwealth $10 million for the ANL Liner Division. The purchase price is subject to adjustments. In addition the Commonwealth transfers to CGM net financing obligations of approximately $50 million.

As part of the sale, all ANL Liner employees agreed to accept offers of employment from ANL Container Lines Pty. Ltd. (CGM).

Canberra, Monday 7 December 1998

Media Contacts: ANL Sale Teatn - Martin Debelle: 0409 911 189 John Fahey’s office - David McLachlan: 02 6277 7400 John Anderson’s office - Paul Chamberlin: 02 6277 7680