CMA CGM Completes Acquisition of CEVA Logistics
French shipping giant CMA CGM has announced that it has completed its acquisition of CEVA Logistics.
CMA CGM is understood to have already owned around a third of the Swiss logistics firm.
In January PTI reported that an initial bid from CMA to buy-up the rest of the company, for a value of close to US$30 per share, was rejected by the CEVA board.
CMA CGM then tabled an increased offer in February, closer to CEVA’s quoted US$40 per share valuation.
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The completion of the takeover has allowed the ocean carrier to announce its implementation of a new comprehensive logistics service from the CMA-CEVA business.
This will include a new operational centre in Marseille that will ‘consolidate management teams and accelerate CEVA Logistics’ return to profit’, according to a company statement.
This successful transaction marks a major milestone in the history of @cmacgm! With @cevalogistics , CMA CGM has confirmed its position as a leading worldwide #maritime transport and #logistics group, supported by a team of 110,000 employees https://t.co/kHMFtmKlMy— Rodolphe Saade (@RodolpheSaade) April 10, 2019
The creation of the new consolidated business in Marseille also comes with transformation plan, including the transfer of around 200 jobs and a commitment to improve productivity and refocus local teams on customer service.
Rodolphe Saadé, Chairman and CEO of CMA CGM Group, commented: “This successful transaction marks a major milestone in the history of CMA CGM’s growth.
"With CEVA, CMA CGM has confirmed its position as a leading worldwide maritime transport and logistics group. We can now offer customers a complete range of solutions that meets all of their needs.”