Further to launch of its public tender offer for CEVA Logistics, CMA CGM is now a step closer to gaining full control of CEVA Logistics.. It has now been confirmed that the French shipping group controls 89.47% of the share capital and voting rights in the Swiss group CEVA Logistics according to provisional results announced on 14th March 2019..
As per Reuters, CMA CGM’s public tender offer of 30 Swiss francs per share values Ceva at 1.67 billion Swiss francs ($1.66 billion), a price agreed after Ceva rejected a takeover bid in October from Danish freight firm DSV.. The interim results are expected to be published on 19th March and an additional acceptance period is expected to start on the 20th of March and run until 2nd of April..
For CMA CGM, the acquisition of these shares has been gradual but focused.. Starting with an acquisition of 24.99% when CEVA launched its IPO on the Swiss bourse last year, CMA CGM consolidated their position by securing 33% of CEVA through a strategic partnership, mainly seen as a bid to fend off a takeover attempt by DSV..
Through forward agreements with Société Générale and Goldman Sachs designed to convert as shares, CMA CGM secured a controlling stake in CEVA of 50.56% even before the public tender offer..
So now all that remains between CMA CGM and the full ownership of CEVA Logistics is 10.53%..