EU approves Acquisition of CEVA by CMA CGM: The European Commission has approved the proposed takeover of Swiss logistics company CEVA by French liner CMA CGM.
The commission concluded that the acquisition does not represent a competition issue due to its limited impact on the structure of freight forwarding, short sea and deep sea container shipping markets.
CMA CGM will acquire sole control of the Switzerland-based company.
In April 2018, CMA CGM decided to expand its presence in the logistics sector by investing in CEVA on the occasion of CEVA’s initial public offering (IPO).
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%.
The two companies then agreed to explore potential opportunities to work together towards the development of joint commercial offerings. The move was said to be in line with CMA CGM’s strategy to boost its product portfolio while integrating services beyond maritime transport.
Source: Splash247/World Maritime News
