France-based container shipping giant CMA CGM launched its USD1.65 billion public tender offer for Switzerland-headquartered Ceva Logistics on February 12.
The European Commission said that the proposed acquisition would not raise competition concerns given its limited impact on the structure of freight forwarding, shortsea and deepsea container shipping markets. The deal was granted the green light on February 7.
Rodolphe Saadé, chairman-ceo of CMA CGM, said: “Once the takeover is completed, CMA CGM will become a 100,000-employee strong group, generating over USD30 bn in revenue.”
CMA CGM already controls 33 percent of Ceva Logistics and stated that the offer of CHF30 (USD29.7) per share is supported by the latter’s board of directors. Ceva rejected an offer of the same value from Danish logistics company DSV in October 2018.
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