FRENCH shipping giant CMA CGM has announced it will hold 97
FRENCH shipping giant CMA CGM has announced it will hold 97.89 per cent of the outstanding shares and voting rights of CEVA Logistics upon settlement of the tendered CEVA shares, which is scheduled for April 16. The public tender offer was for CHF30 (US$29.9) net per share, which grew to 26,127,510 shares tendered in the offer following the end of the additional acceptance period, American Shipper reported citing MarketWatch.
CMA CGM plans to delist CEVA from the Zurich Stock Exchange and set up a CEVA operational centre in Marseilles to 'bring together the management teams and support functions.'
Chairman and chief executive officer of the CMA CGM Group, Rodolphe Saade, said in a statement: 'With CEVA, CMA CGM has confirmed its position as a leading worldwide maritime transport and logistics group, supported by a team of 110,000 employees. We can now offer our customers a complete range of solutions that meet all their needs and set us apart from the competition.'
CMA CGM said the consolidation will allow it to implement a number of initiatives including improved productivity through investment in technology, refocusing local teams on customer service, targeted customer communication, and streamlining of its corporate organisation.
The announcement came about two weeks after CEVA Logistics recommended that remaining shareholders that had not already tendered shares do so.
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