French liner tries to ward off competition
French shipping line CMA CGM has invested further into the recently acquired CEVA Logistics after details have emerged of a takeover attempt by logistics giant DSV.
DSV, a Danish logistics group, recently confirmed that it had attempted a takeover of CEVA Logistics and that it had ultimately proved unsuccessful.
CEVA Logistics said in a statement: “The company [CEVA] and CMA CGM are deemed to be acting in concert due to the relationship agreement between the parties entered into in the context of the initial public offering (IPO).
“The company has 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% in CEVA Logistics' share capital.
“A formal disclosure notice disclosing the combined shareholdings of the group is expected to be published simultaneously.
“The duty to launch a mandatory takeover offer is triggered only if a shareholder holds a position in shares of more than one third of the voting rights of a company.”
CEVA also stated that it felt DSV had “undervalued” the company in its approach.
In turn, DSV said in a statement that it “respects” and “follows” CEVA’s business and that uniting would be the best thing for shareholders.
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