CMA CGM gets go ahead to acquire major share in CEVA
THE European Commission has given the green light for French shipping giant CMA CGM to proceed with its acquisition of Switzerland's CEVA Logistics
THE European Commission has given the green light for French shipping giant CMA CGM to proceed with its acquisition of Switzerland's CEVA Logistics.
The Commission concluded the planned deal would not trigger anti-competition concerns because of its limited impact on the structure of the freight forwarder and the deep sea and short sea container shipping markets, reported American Shipper.
CMA CGM, the fourth-largest container shipping line worldwide, announced in January a tender offer to acquire up to 27,289,906 additional shares, equivalent to 49.35 per cent of CEVA's outstanding shares. CMA CGM said it and 'persons acting in concert with it' already hold 18,192,034 shares, or 33 per cent of the shares.
The carrier plans to keep CEVA as an independently listed company with a significant free float on SIX Swiss Exchange.
The entire public tender offer is expected to close in mid-April, according to CMA CGM.