French shipping giant CMA CGM announced successful completion of its public tender offer to acquire Swiss CEVA Logistics. Following the close of the public tender offer launched on 12 February, the CMA CGM Group will hold 97.89% of the outstanding shares and voting rights of CEVA upon settlement of the tendered CEVA shares, scheduled for 16 April 2019.
Through this merger, CMA CGM expects to strengthen its position in maritime transport and logistics. Present in 160 countries, the Group will be 110,000 people strong with more than $30 billion in revenue.
The implementation of CEVA’s new strategic plan, prepared jointly with CMA CGM, and the close cooperation between the teams of the two companies are expected to drive an improvement in CEVA’s financial performance.
A CEVA operational center will be set up in Marseilles to bring together the management teams and support functions, i.e. 200 jobs (creation and transfer).
This consolidation will enable the deployment of a coordinated set of structural initiatives, such as improving productivity by investing in information systems and digital technology, as well as
streamlining the corporate organization, in particular by reducing the number of regions and harmonizing processes, the Group said.
This successful transaction marks a major milestone in the history of CMA CGM’s growth…We can now offer our customers a complete range of solutions that meet all their needs and set us apart from the competition,
…said Rodolphe Saadé, Chairman and CEO of the CMA CGM Group.
As announced, CMA CGM plans to delist CEVA from the Zurich Stock Exchange.
