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CMA CGM launches offer to buy rest of CEVA Logistics shares

Logistic News - Published on Wed, 30 Jan 2019

Image Source: gCaptain
French shipping company CMA CGM on Monday formally launched a cash offer to buy out other shareholders of Ceva Logistics, valuing the Swiss freight forwarder at $1.67 billion as the companies pursue closer ties aimed at fueling growth and savings. CMA CGM, which already controls 50.6 percent of CEVA, and the Swiss company last year began developing a business plan to boost commercial cooperation and complementary services.

At the time, CMA CGM agreed to make a 30 Swiss franc per share offer for the rest of the Swiss company, following a rejected takeover bid in October by Danish freight company DSV.

CMA CGM, owned by the billionaire Saade family, plans to keep CEVA Logistics listed on the Swiss stock exchange.

CEVA Logistics’ board of directors said on Monday that CMA CGM’s offer was “reasonable from a financial perspective” and “provides a fair exit opportunity”.

As agreed in advance, however, CEVA’s board did not recommend shareholders accept the offer on grounds the Swiss-listed company will eventually be worth more as the two companies work together.

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Posted By : Joykumar Irom on Wed, 30 Jan 2019
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