MSC plans to buy the world's third largest global maritime shipping company

GCC's largest shareholders, who own almost 55% of the shares, have already agreed to accept MSC's offer

MSC plans to acquire the world's third largest car shipping company. MSC estimates the purchase at $700 million.

The Norwegian shipping company Gram Car Carriers ASA has published a notice recommending that shareholders sell their shares, writes CTS with reference to The Maritime Executive.

MSC is offering NOK 263.69 per share, making the offer to acquire GCC approximately NOK 7.643 billion ($700 million).

GCC is the world's third-largest car shipping operator with a fleet of 18 Distribution, Mid-size and Panamax vessels.

GCC's largest shareholders, who own nearly 55% of the company, have already agreed to accept MSC's offer.

MSC already has two car carriers with a capacity of 6.7 thousand CEUs (Car Equivalent Unit) each, and also transports large volumes of cars and components in containers.

With the acquisition of GCC, the company plans to expand its operations in the automotive cargo segment, which is currently one of the fastest growing categories in the global shipping market.