Takeover almost completed
The French shipping group CMA CGM has almost completed its acquisition of Ceva Logistics. According to Reuters, the carrier has obtained an 89.47% stake in the Switzerland-based logistics provider after the deadline for the first takeover bid expired.
CMA CGM offered shareholders CHF 30 per share, which sets Ceva’s value at CHF 1.67 billion. Although not many Ceva shares are still in circulation, a second acceptance period will begin on 20 March and run until 2 April 2019. During that period, the shipping company wants to acquire as many of the remaining Ceva shares as possible.
The fact that the two companies are virtually a single entity is underscored by Ludovic Rozan’s role change. CMA CGM's former head of global accounts & commercial development has been appointed as Ceva’s new senior vice-president of business development (BD) for Asia Pacific Sales and Marketing. He will be stationed in Hong Kong. (mw)