Sunday , 24 March 2019
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CEVA Logistics rejects US$1.5bn take over bid from DSV
CMA CGM currently holds a 24.99% stake in CEVA

CEVA Logistics rejects US$1.5bn take over bid from DSV

CEVA Logistics has rejected a US$1.5bn bid from DSV, while CMA CGM is considering increasing its 25% stake in CEVA.

The French carrier reaffirmed its ambition to turn the company into a stronger logistics leader and said it supports the decision of CEVA’s board of directors to reject the bid.

CEVA’s board of directors agreed to modify the current agreement between CEVA and CMA CGM, with the latter now allowed to increase its holding from 25% up to one third with immediate effect.

CMA CGM is considering an increase in its shareholding of CEVA in order to provide the company with the required stability to achieve its transformation.

The shipping line plans to reinforce CEVA’s management and organisation to help it deliver a quicker and deeper turnaround and will contribute its freight management activities to reinforce the CEVA platform.

CMA CGM hopes to generate new commercial opportunities for the logistics company through its long-standing relationships with customers looking for more integrated end-to-end offers.

The Marseilles-based company will support accelerated investments to secure CEVA’s IT transformation, with the aim of driving renewed commercial success and operational efficiencies.