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            august 23, 2019

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CEVA management advised shareholders to reject


French shipping giant CMA CGM has made a bid to takeover once-Dutch and now Swiss forwarding giant CEVA for a price CEVA management has advised shareholders to reject, according to Shipping Gazette.
"CEVA Logistics' board of directors does not recommend that shareholders tender shares, as valuation indicates midpoint value significantly above offered price," said a CEVA statement.
The offer price is CHF30 [US$32.20] net per registered share. Should CMA CGM, upon settlement, hold more than 90-98 per cent of of CEVA, CMA CGM may consider to merge CEVA with and into CMA CGM or any entity ultimately managed and controlled by CMA CGM, said the Marseilles-based shipping company.
While the CEVA board felt the offer was reasonable "from a financial perspective" it advised against acceptance in the belief in the growth potential inherent in the CEVA business, and the effects of the acquisition of the freight management business of CMA CGM.
CEVA's 2021 revenue target above $9 billion, reflecting a five per cent average annual organic growth as well as including the contribution of CMA CGM Logistics of US$630 million.
Said CEVA CEO Xavier Urbain: "I am proud to be putting the whole organisation 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," Mr Urbain said.

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