French container carrier increases ownership of Swiss logistics company after monthlong tender offer.
CMA CGM now owns 89.47 percent of the shares of CEVA Logistics, according to a notice posted on CEVA’s website.
CMA CGM, which already had held or controlled through forward share purchase agreements and swaps about 51 percent of CEVA, increased its holdings in the Swiss logistics company in a tender offer that ran from Feb. 12 through Tuesday.
In its prospectus, CMA CGM said it would “actively support the acceleration of CEVA’s turnaround and strengthen its long-term strategic and industrial partnership with CEVA. As long-term controlling shareholder, CMA expects to nominate new members to the board of directors after completion of the tender offer. CMA will keep CEVA as an independent company and intends, under current circumstances and provided that a sufficient number of shareholders do not tender their CEVA shares into the offer, to keep it listed.”
A handbook from the Swiss Stock Exchange, however, says companies should have a “free float,” shares that can be publicly traded, of 20 percent.