CMA CGM has made a voluntary buyout offer to CEVA Logistics as part of a broader agreement to strengthen the partnership between the two companies.
The offer comes after the Swiss supply chain and logistics firm rejected an offer from Danish freight company DSV.
At the same as rejecting the bid from DSV, which valued the company at USD $27.75 (27.75 Swiss francs) per share, CEVA sold an extra 4.56% to CMA CGM.
That took the French container shipping line’s share in CEVA Logistics to 33%, just under the threshold for a mandatory takeover offer.
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The current offer, according to both companies, is $30 (30 Swiss francs) per share. As part of the broader agreement, CMA CGM will sell its freight forwarding segment to CEVA Logistics at a price to be agreed at a further date.
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It will also see CMA CGM accelerate CEVA Logistics’ IT and digital transformation which will improve operational processes.
A statement on the matter by CMA CGM said: “CMA CGM signed a new relationship agreement with CEVA on Wednesday October 24th to reinforce the industrial cooperation between the two companies.
CEVA Logistics broadens strategic partnership with CMA CGM – CMA CGM will provide exit option to shareholders. As part of this initiative, CEVA logistics will acquire the freight management business of CMA CGM https://t.co/0VP13LH1DW
— CEVA Logistics (@cevalogistics) October 25, 2018
“All the CEVA shareholders will have the opportunity to benefit from the substantial value creation expected from this cooperation with a commitment to keep the CEVA shares listed.”
A statement from CEVA Logistics said: “CEVA Logistics and CMA CGM are convinced of the substantial growth and value creation potential of this joint industrial project and future strategic collaboration.
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“The industrial project between CEVA Logistics and CMA will generate new commercial opportunities supported by an investment in digital transformation and further increased operational efficiency to deliver a strong and sustainable value creation to shareholders and customers.”
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