French logistics and shipping giant CMA CGM has officially submitted a takeover bid for the cargo operations of Belgian airline Air Belgium. This offer will be reviewed by the Walloon Brabant Commercial Court on March 27. The future of Air Belgium is thus at a crucial turning point.
Air Belgium has been experiencing financial difficulties for some time. In September 2023, the airline filed for judicial reorganization to protect itself from creditors and facilitate restructuring. As a result, scheduled passenger flights were suspended and the company shifted its focus to more profitable areas such as ACMI leasing for passenger and cargo transport. Despite these measures, the financial situation remained strained, and the company reported an annual loss of €22 million. Furthermore, the suspension of passenger flights led to a 40% drop in revenue.
The takeover offer from CMA CGM
CMA CGM, a major player in the maritime logistics sector, has expanded its air cargo activities in recent years. In 2021, the company created the CMA CGM Air Cargo division and acquired four Airbus A330-200F freighters. These were operated in partnership with Air Belgium, with Air Belgium acting as operator and CMA CGM Air Cargo assuming commercial responsibility.
CMA CGM's current takeover offer focuses exclusively on Air Belgium's cargo operations. It includes the acquisition of the cargo business, the retention of the Air Belgium name and brand, and the integration of the airline's four aircraft into its own fleet. The impact of this offer on employment is currently unclear.
Competition from Air One Belgium
In parallel with CMA CGM, Air One Belgium also expressed interest in acquiring Air Belgium's cargo operations. However, an initial offer was rejected by the Nivelles Commercial Court on March 6. Air One Belgium appealed this decision, and a hearing before the Brussels Court of Appeal is scheduled for April 3. Air One Belgium's initial offer envisaged retaining 197 of the 401 employees and continuing operations from Brussels Airport.
Outlook: Decision on the future of Air Belgium
The coming weeks are crucial for the future of Air Belgium. On March 27, the Walloon Brabant Commercial Court will review CMA CGM's offer and decide whether to accept it. If accepted, this could mark a turning point for the struggling airline and allow it to focus on its core competencies in the cargo sector.
At the same time, the outcome of Air One Belgium's appeal remains to be seen. The appeal court's decision on April 3 could open up further options for Air Belgium or influence CMA CGM's offer.
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