A CONSORTIUM led by French shipping company CMA CGM has been selected as the winning bidder to take over Comanav, Morocco's dominant shipping company.

"We are very pleased and honoured to have been selected by the Kingdom of Morocco to succeed the government in managing the Comanav Company," said a CMA CGM statement. "This company will help strengthen our position in Morocco both in terms of cargo transport and port operations."

In January, Morocco's Privatisation and Finance Ministry invited international bids for the privatisation of Comanav, the dominant Moroccan port operator, freight and passenger transportation company. Industry sources said the CMA CGM bid came to US$267 million.

The 50-year-old firm is reported to have developed strong market positions in the maritime transport with scheduled services throughout the Mediterranean.

Comanav has also achieved a foothold in port activities in Morocco's largest ports through subsidiaries such as Somaport in Casablanca and a 20 per cent stake in Tanger Med, the country's second largest container terminal, the statement added.