Move comes on the heels of last week’s rejection of a purchase offer from DSV.
CMA CGM has increased its stake in CEVA Logistics.
CEVA, based in Baar, Switzerland, announced Wednesday that the French container carrier CMA CGM had purchased shares “during the last few days” and now is a 33 percent shareholder in the company.
CMA CGM now owns just a shade less than one-third of CEVA, the level at which CMA CGM would be required by the Swiss Stock Exchange to launch a tender offer for CEVA.
CEVA said it had “further been informed that CMA CGM entered into a derivative transaction related to the shares of the company with cash settlement (total return swap) giving CMA CGM an additional economic exposure of 4.56 percent in CEVA Logistics’ share capital.” However, a CEVA spokesman explained since these are not voting shares, the tender offer trigger has not been pulled.
DSV said last week it had made a private offer to acquire CEVA for about $1.54 billion, but the proposal was rejected by CEVA’s board of directors. CMA CGM said then it was “considering an increase in its shareholding of CEVA with a view to providing the company with the required stability to achieve its transformation.”
There is standstill agreement between CEVA Logistics and CMA CGM under which CMA CGM has agreed, under certain conditions, to not launch or trigger an tender offer without the recommendation of the CEVA’s board of directors in the next six months, other than an offer which is superior to another offer.
In July, CMA CGM obtained all regulatory approvals required for its investment in CEVA, allowing it to become a 24.99 percent shareholder.
CMA CGM increases stake in CEVA Logistics
