French containerline CMA CGM has moved to buy out the remaining shares in CEVA Logistics. The Marseille-headquartered line already has a 33% stake in CEVA, a company with annual revenues of $7bn, which turned down a takeover offer from Danish rival DSV earlier this month.
CMA CGM said its move to acquire CEVA was designed to “reinforce the industrial cooperation between the companies,” including a plan to transfer the shipping line’s own smaller freight management operations to CEVA.
CMA CGM said it plans to keep CEVA listed in Zurich and expects to close the buyout offer by November 30.
We are confident in the potential of @cevalogistics . This strategic partnership reconfirms @cmacgm as both the reference shareholder and a long-term partner. https://t.co/Uy7bZWHRAG
— Rodolphe Saade (@RodolpheSaade) October 25, 2018
