CEVA to Buy CMA CGM Log
Sea Freight

CEVA to Buy CMA CGM Log

Move part of major transformation

CEVA Logistics is to buy CMA CGM Log, according to breaking reports, after CMA CGM made a public tender for the outstanding shares it does not own in CEVA.

While CMA CGM wants to maintain CEVA’s public listed status, it has launched a public tender as part of a revised strategic plan.

The aforementioned plan includes a revenue target for CEVA of US$9bn by 2021.

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$630 million worth of that figure is to be acquired via CMA CGM Log, the French liner’s freight management arm, being sold to CEVA.

In a further twist, CEVA is to appoint CEO of APL Nicolas Sartini as its new Deputy CEO.

Xavier Urbain, ceo of CEVA Logistics, said: “I am very happy to welcome Nicolas who has successfully turned around the APL shipping company as my deputy.

Urbain also commented on the strategic plan’s aims, saying: “This can be achieved by a combination of our commercial and sales focus, cross selling with CMA CGM customers, our own productivity actions, the integration of CMA CGM Log within CEVA and sharing resources with CMA CGM in the field of procurement and administrative functions.”

Rodolphe Saadé, CEO of CMA CGM, said: “We are convinced of CEVA’s potential. This industrial project will make it possible to speed-up its transformation and to make it a more proficient leader of logistic, to the benefit of its clients, its employees and its shareholders.

“We are eager to work alongside all CEVA’s teams.”

Read more: CMA CGM Continues Growth in More Balanced Market