The takeover of CEVA Logistics by French shipping company CMA CGM seems imminent. CEVA's board no longer has any objections to the takeover, argues CMA CGM. The European Union also gave the green light this week.
So reports several foreign media.The European Commission concluded this week that the merger does not violate competition law. With this approval, CMA CGM can submit its per-share offer directly to CEVA shareholders.
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CMA CGM launched a friendly and public takeover bid for the logistics provider's shares on Tuesday. The offer is at 30 Swiss francs (26.37 euros) per share. That is more than 12 per cent above the average share price over the past 60 days.
'CEVA board no longer has any objections'
Shareholders can now decide whether to accept CMA CGM's proposal. In an earlier statement, CEVA's board advised against selling the shares for the 'too low bid'.In a press statement, CMA CGM states that the offer is now supported by CEVA's board, but the company's top management has not yet officially responded to CMA CGM's announcement.
Milestone for CMA CGM
Top executive and shareholder Rodolphe Saadé called the possible takeover a "milestone" for CMA CGM in a press release. "Once the acquisition is completed, CMA CGM will be a strong company with more than a hundred thousand employees and a turnover of $30 billion (€26.5 billion)."
The French shipping company states that CEVA will remain an independent and standalone listed company after the merger. It adds that the move should result "in a new strategic partnership between the two companies and an acceleration of CEVA's ongoing transformation".
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