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  • DATVF.ATLPHL
    1.629
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  • DATVF.CHIATL
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  • DATVF.VSU
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    79.060
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  • OTRI.USA
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  • OTVI.USA
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    80.300
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    2.650
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  • WAIT.USA
    140.000
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  • DATVF.ATLPHL
    1.629
    -0.046
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  • DATVF.CHIATL
    1.812
    0.077
    4.4%
  • DATVF.DALLAX
    1.072
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    10.5%
  • DATVF.LAXDAL
    1.384
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  • DATVF.SEALAX
    0.881
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  • DATVF.PHLCHI
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  • DATVF.LAXSEA
    1.900
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    0.3%
  • DATVF.VEU
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  • DATVF.VNU
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  • DATVF.VSU
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    8.6%
  • DATVF.VWU
    1.391
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  • ITVI.USA
    9,869.880
    79.060
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  • OTRI.USA
    5.400
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  • OTVI.USA
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    80.300
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  • TLT.USA
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  • WAIT.USA
    140.000
    -16.000
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American ShipperShipping

CEVA recommends holdouts sell shares to CMA CGM

Rodolphe Saadé, CEO of CMA CGM, is expected to be elected as chairman of CEVA during annual meeting in April.

   CEVA Logistics is recommending remaining shareholders that have not already tendered shares to the French container shipping company CMA CGM do so in a new tender offer that will begin Wednesday and run through April 2.
   The two companies are expected to become more integrated with CEVA, saying its board of directors will propose that Rodolphe Saadé, chairman and chief executive officer of CMA CGM, be elected as chairman of the CEVA Board of Directors at CEVAs upcoming annual general meeting on April 29. It is also expected that CEVAs current chairman, attorney Rolf Watter, will become vice chairman of CEVA following the annual meeting and that CMA CGM will retain three independent members of CEVA as directors for the time being.
   CMA CGM was already CEVAs largest shareholder when it launched an initial tender offer for CEVA shares that ran from Feb. 12 to March 13. CEVA said, Shares tendered into the offer during the initial offer period could, subject to settlement of the offer and the acquisition of additional shares by CMA CGM, result in CMA CGM holding an aggregate of at least 49,388,515 shares of CEVA, corresponding to 89.47 percent of the share capital and voting rights of CEVA.
   CEVA acknowledges that CMA CGM is likely to hold, after settlement of the offer, a percentage of the share capital and voting rights of CEVA that would allow CMA CGM to implement a squeeze-out and delisting of the company from the SIX Swiss Exchange. A squeeze-out is the compulsory sale of shares held by minority shareholders.
   CEVA said members of its executive board will tender their shares into the offer and that shares held by its board of directors will be unblocked so that they too may may tender their shares.

 

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Chris Dupin

Chris Dupin has written about trade and transportation and other business subjects for a variety of publications before joining American Shipper and Freightwaves.
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