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.”