Shailaja A. Lakshmi April 10, 2019
French shipping giant CMA CGM has completed its public tender offer to acquire CEVA Logistics.
Pic: CMA CGM
The French carrier has confirmed the acquisition of Ceva Logistics after announcing it holds 97.89 percent of the company’s stock and will therefore de-list it from the Zurich Stock Exchange after April 16.
“Merging CEVA’s operations into the CMA CGM Group will strengthen its position as a worldwide leader in maritime transport and logistics. Present in 160 countries, the Group will be 110,000 people strong with more than $30 billion in revenue,” said a statement from the company.
The CMA CGM Group will now be able to meet the logistics needs of its customers around the world with a comprehensive range of solutions across the supply chain, including LCL, airfreight, purchase order management, contract logistics or customs clearance, it said.
The implementation of CEVA’s new strategic plan, prepared jointly with CMA CGM, and the close cooperation between the teams of the two companies are going to drive an improvement in CEVA’s financial performance.
A CEVA operational center will be set up in Marseilles to bring together the management teams and support functions, i.e. 200 jobs (creation and transfer).
Rodolphe Saadé, Chairman and Chief Executive Officer of the CMA CGM Group said: “This successful transaction marks a major milestone in the history of CMA CGM’s growth. With CEVA, CMA CGM has confirmed its position as a leading worldwide maritime transport and logistics group, supported by a team of 110,000 employees. We can now offer our customers a complete range of solutions that meet all their needs and set us apart from the competition.”