- 8 February 2019
- Transport / Logistics Services
CMA CGM is offering CHF30 a share for the remaining 67% of CEVA Logistics that it currently does not own.
The two companies have had a positive relationship since CEVA floated, with CMA CGM increasing its stake in the 3PL company to help fend off a hostile bid from DSV last year.
CEVA said at the time that there were no plans for a takeover from the French shipping line, with the two retaining an arm’s length business relationship.
CMA CGM published the prospectus for the offer at the end of January, and, formally launching the bid this week, chairman and chief executive Rodolphe Saadé, said: “The launch of this public tender offer is in line with CMA CGM’s overall strategy. By developing a logistics offering to complement our maritime activity, we will be able to propose a full ‘end-to-end’ service to our customers.
“This is a milestone in the Group’s history. Once the takeover is completed, CMA CGM will become a 100,000-employee strong Group, generating over $30 billion in revenue.”
In a statement, CMA CGM said: “The board of CEVA Logistics AG is fully aligned with this friendly offer.”
This offer is part of the new strategic plan for CEVA, which has been developed jointly with CMA CGM that includes increasing turnover to $9bn by 2021 and EBITDA to $470-490m.