Tuesday, January 29, 2019

Shipping: "CMA CGM Launches Offer to Buy the Rest of CEVA Logistics Shares"

Back in October 2018 the FT's David Keohane was the first reporter we saw with the story on how French shipping major CMA CGM was positioning themselves to guarantee they would be relevant and a player in five years, with their desire for logistics and supply-chain mavens Ceva:
Shipping group CMA CGM offers to buy full control of Ceva
And now, the rest of the story via gCaptain and World Maritime News:
ZURICH, Jan 28 (Reuters) – French shipping company CMA CGM on Monday formally launched a cash offer to buy out other shareholders of Ceva Logistics, valuing the Swiss freight forwarder at $1.67 billion, a tie-up aimed at fueling growth and savings.

CMA CGM holds 50.6 percent of CEVA, made up of around 33 percent of CEVA’s shares, plus derivatives, according to the prospectus for the deal.
Last year, the Swiss company began developing a business plan to boost commercial cooperation and complementary services.

At the time, CMA CGM agreed to make a 30 Swiss franc per share offer for the rest of the Swiss company, following a rejected takeover bid in October by Danish freight company DSV .
CMA CGM, owned by the billionaire Saade family, plans to keep CEVA Logistics listed on the Swiss stock exchange.
CEVA Logistics’ board of directors said on Monday that CMA CGM’s offer was “reasonable from a financial perspective” and “provides a fair exit opportunity”....

And from WMN, January 28, a bit of a conflicting take on things:
CEVA Logistics: Shareholders Should Reject CMA CGM Offer