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European Commission okays CMA CGM’s bid for CEVA Logistics
The European Commission has approved the proposed takeover of CEVA Logistics by French liner CMA CGM.
The commission concluded that the acquisition does not represent a competition issue.
CMA CGM made a $825m bid to take over CEVA at the end of last year, a figure CEVA’s board has since rejected claiming it is undervalued. The French line has still managed to grow its stake in CEVA to just over 50%.
Last October, CEVA rejected a takeover bid from Danish rival 3PL, DSV.