CEVA Logistics buys CMA CGM’s freight business

In the latest chapter of the DSV takeover bid story, CEVA Logistics has announced an agreement to buy the entire freight management business from its largest shareholder, CMA CGM, that has made moves to protect CEVA during the approach.

CMA CGM has gone a step further by offering to buy the shares of CEVA Logistics shareholders that may wish to exit their investment at the second DSV offer price of CHF30 per share.

Last week, Apex Insight reported how the global container shipping giant CMA CGM increased its share in CEVA to 33% when the bid from DSV was launched at CHF27.75 a share. When rebuffed for undervaluing the company, DSV then increased its bid to CHF30 per share before withdrawing earlier this week, saying the CEVA board was unwilling to engage with the company.

CEVA Logistics has said that while it is broadening its strategic partnership with the container shipping line, the two firms have agreed that CEVA will remain a listed company and maintain an arm’s length business relationship with CMA CGM.