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CEVA Blocks CMA CGM Takeover 
Sea Freight

CEVA Blocks CMA CGM Takeover 

French liner’s offer falls well below CEVA’s evaluation

CEVA Logistics has rebuffed CMA CGMs offer for a takeover, according to recent report.

CEVA has stated that the French liner has not made an offer in line with the logistics giant’s valuation.

A midpoint value of $40 a share is expected by CEVA, with CMA CGM understood to offer closer to $30.

CMA CGM and CEVA have had a close relationship in recent times, with CEVA purchasing CMA CGM Log in 2018.

After this CMA CGM increased its stake in CEVA to 33% in October, 2018, with the ultimate aim of providing integrated end-to-end solutions for the companies’ respective customers.

A CMA CGM vessel coasting into New York
A CMA CGM vessel coasting into New York

CEO of CEVA Xavier Urbain, said: "I am proud to be putting the whole organization on track to accelerate our transformation and turnaround action plan in the next three years and beyond.

“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 Logistics within CEVA and sharing resources with CMA CGM in the field of non-strategic procurement and administrative functions."

Read more: CEVA Enters New Alliance