Transport and Logistics ME
CEVA Blocks CMA CGM Takeover 
Sea Freight

CEVA Blocks CMA CGM Takeover 

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

TLME News Service

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