CMA CGM makes formal offer for CEVA shares
CMA CGM has launched a public tender for CEVA Logistics as it moves to create an “end-to-end” service for its customers.
The tender, which was published last month, offers SFr30 ($29.78) per share, a 12.2% increase on the average CEVA share price over the past 60 days and 62.9% above the SFr18.42 the shares were trading at when DSV made an unsolicited bid for the company in October 2018.
“The launch of this public tender offer is in line with CMA CGM’s overall strategy,” company chief executive Rodolphe Saadé said. “By developing a logistics offering to complement our maritime activity, we will be able to propose a full end-to-end service to our customers.”
The French carrier said the offer had the support of CEVA’s board and was aligned with the Switzerland-listed company’s strategic plan, which would see co-operation between the two companies that is expected to increase turnover to $9bn by 2021 and boost earnings before interest, tax, depreciation and amortisation to $470m.
The strategic plan will see the two companies cross selling to each other’s customers, the integration of the carrier’s logistics activities into CEVA’s to allow economies of scale, and cost reductions through pooled operations and shared purchasing and services.
“By taking control of a global player in logistics, CMA CGM will be able to offer its customers complete solutions combining transport and logistics, and complete its maritime transport activity with a less volatile activity,” the company said in a statement.
CMA CGM has a 33% stake in CEVA that it has built up since the logistics operator launched its initial public offering on the Swiss stock exchange last year.
It also has a financial interest in a further 17.6% of the company’s shares through forward agreements with Société Générale and Goldman Sachs that will convert to shareholdings in June, giving it a majority shareholding.
The European Commission last week approved the acquisition of CEVA by CMA CGM under the European Merger Regulation after concluding that the proposed merger would not raise competition concerns.
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