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CMA CGM's Saade primed for CEVA chairmanship in new share structure

CEO Rodolphe Saade of French shipping giant CMA CGM is expected to be elected as chairman of CEVA Logistics during their upcoming annual meeting this month

CMA CGM's Saade primed for CEVA chairmanship in new share structure

CEO Rodolphe Saade of French shipping giant CMA CGM is expected to be elected as chairman of CEVA Logistics during their upcoming annual meeting this month

22 March 2019 - 19:00

CEO Rodolphe Saade of French shipping giant CMA CGM is expected to be elected as chairman of CEVA Logistics during their upcoming annual meeting this month.

CEVA Logistics is recommending to shareholders who have not already tendered shares to CMA CGM do so in a new tender offer that runs until April 2.



The two companies are likely to become more integrated in future, with CEVA saying its directors will propose that Mr Saade be elected as chairman of the CEVA board at its upcoming annual general meeting (AGM) on April 29, reported American Shipper.



It is also anticipated that CEVA's incumbent chairman, attorney Rolf Watter, will become vice chairman of CEVA following the AGM and that CMA CGM will retain three independent members of CEVA as directors for now.



CMA CGM was already CEVA's largest shareholder when it launched an initial tender offer for CEVA shares that ran from February 12 to March 13.



CEVA said: 'Shares tendered into the offer during the initial offer period could, subject to settlement of the offer and the acquisition of additional shares by CMA CGM, result in CMA CGM holding an aggregate of at least 49,388,515 shares of CEVA, corresponding to 89.47 per cent of the share capital and voting rights of CEVA.



'CEVA acknowledges that CMA CGM is likely to hold, after settlement of the offer, a percentage of the share capital and voting rights of CEVA that would allow CMA CGM to implement a squeeze-out' and delisting of the company from the SIX Swiss Exchange. A 'squeeze-out' is the compulsory sale of shares held by minority shareholders.


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