The French shipping group agreed to buy a 48% stake in Brazilian terminal operator Santos Brasil Participacoes and plans to acquire the remaining shares as it looks to boost its presence in the country amid increasing demand.

Cash-rich CMA CGM, the world’s third-biggest shipping group, has been expanding into new areas such as logistics and media, and on Monday said it had agreed to acquire a 48 per cent stake in Santos Brasil, with a view to ultimately taking over the group.

SAO PAULO/PARIS (Reuters) -French shipping giant CMA CGM plans to launch a full takeover bid for port terminal operator Santos Brasil after it agreed to buy a 48% stake in the company, it said on Monday as it further expands its grip on global shipping infrastructure.

Santos Brasil manages 3 Container Terminals, 1 Vehicle Terminal, 1 Liquid Bulk Terminal, and 3 Logistic Facilities.

The CMA CGM Group has announced the signing of “a definitive and irrevocable agreement to acquire a c.48% stake in Santos Brasil Participações S/A (« Santos Brazil »)”, a listed Brazilian multi-terminal operator.

By Andre Romani and Gus Trompiz SAO PAULO/PARIS (Reuters) -French shipping giant CMA CGM plans to acquire port terminal operator Santos Brasil in a deal that could reach $2 billion and give it control of South America's largest container terminal,

Santos is the largest terminal operator in Brazil. It owns three container terminals in Brazil as well as a vehicle and a liquid bulk terminal and three logistics facilities, CMA CGM said. Its flagship asset is the Tecon Santos terminal, Brazil's largest container handler.