After a takeover bid on CEVA Logistics from Danish logistics giant DSV earlier this week, container shipping line CMA CGM has increased its stake in CEVA from 24.99% to 33%.

CMA CGM, already CEVA’s largest shareholder also stated that it has taken an “additional economic exposure of 4.56%” in CEVA Logistics’ share capital.

CEVA’s board rejected the offer from DSV earlier this week that valued the logistics company at CHF27.75 in cash as being too low – this would have valued the company on the Swiss Stock Exchange at $1.5 billion.

Under an agreement between CEVA and CMA CGM, the container line’s duty not to increase its holding above 24.99% was amended to allow it to gain up to one third of the voting rights with immediate effect.

In a statement today, CEVA Logistics stated: “The company [CEVA] and CMA CGM are deemed to be acting in concert due to the relationship agreement between the parties entered into in the context of the initial public offering (IPO).

“The company has further been informed that CMA CGM entered into a derivative transaction related to the shares of the Company with cash settlement (Total Return Swap) giving CMA CGM an additional economic exposure of 4.56% in CEVA Logistics’ share capital.

“A formal disclosure notice disclosing the combined shareholdings of the group is expected to be published simultaneously.

“The duty to launch a mandatory takeover offer is triggered only if a shareholder holds a position in shares of more than one third of the voting rights of a company.”