French container shipping line CMA CGM has increased its share in CEVA Logistics to 33%, according to a statement.
The purchase comes after the Swiss supply chain company rejected a takeover offer by global transport and logistics company DSV A/S on October 12 2018.
CEVA Logistics said the offer “significantly undervalued” its value, and in response began talks with CMA CGM with a view to increasing the world’s fourth largest ocean carrier’s involvement.
In doing so, CMA CGM agreed not to launch its own takeover offer for six months, unless invited by CEVA Logistics’ board of directors.
CMA CGM have since bought an extra 4.56% of CEVA Logistics, meaning it hold one third of the company, just under the threshold required for a mandatory takeover offer.
In a statement, CEVA Logistics said: “CEVA Logistics AG (the “Company”) announces that CMA CGM S.A. (“CMA CGM”) has purchased shares of the Company during the last few days so that the group consisting of the Company and CMA CGM currently holds a participation of 33% in the Company's shares.”