CMA CGM has been CEVA Logistics’ reference shareholder since its listing on the SIX stock exchange in May 2018. CMA CGM signed a new relationship agreement with CEVA on Wednesday, October 24th to reinforce the industrial cooperation between the two companies. All the CEVA shareholders will have the opportunity to benefit from the substantial value creation expected from this cooperation with a commitment to keep the CEVA shares listed.
This agreement will make it possible for CEVA Logistics to accelerate its transformation by:
This industrial cooperation has received the full support of CEVA Logistics’ board of directors and management. It preserves CEVA Logistics’ assets and identity. It will be in the best interest of the company:
The agreement signed between CMA CGM and CEVA also entails:
A removal of the drag along clause in the relationship agreement previously entered into
A voluntary public tender offer from CMA CGM, for a value of 30 CHF per share in cash, for the CEVA Logistics shareholders who wish to sell their shares despite the value creation potential from the industrial cooperation with CMA CGM, which will be pre-announced by November 30, 2018, at the latest.
Rodolphe Saadé, Chief Executive Officer of CMA CGM declared:
“We are convinced of CEVA Logistics’ potential. This industrial cooperation will make it possible to accelerate its required transformation and to make it a more profitable and efficient leader in logistics for the benefit of its clients, its employees and its shareholders. It reconfirms CMA CGM as the reference shareholder as well as its long-term partner.”
Source: Maritime Shipping News