Daily Digital Magazine: Pg. 2 — April 9, 2019

CMA CGM to own 97.89 percent of CEVA

The French shipping giant plans to delist CEVA from the Zurich Stock Exchange and set up an operational center in Marseilles.

   Following the close of the public tender offer launched in February, French shipping giant CMA CGM announced Tuesday it will hold 97.89 percent of the outstanding shares and voting rights of CEVA Logistics upon settlement of the tendered CEVA shares, which is scheduled for April 16.
   The public tender offer was for 30 Swiss francs net per share, which grew to 26,127,510 shares tendered in the offer following the end of the additional acceptance period, MarketWatch reported.

CMA CGM to own 97.89 percent of CEVA

The French shipping giant plans to delist CEVA from the Zurich Stock Exchange and set up an operational center in Marseilles.

CMA CGM to own 97.89 percent of CEVA

The French shipping giant plans to delist CEVA from the Zurich Stock Exchange and set up an operational center in Marseilles.

 
Continued from previous page
   Following the close of the public tender offer launched in February, French shipping giant CMA CGM announced Tuesday it will hold 97.89 percent of the outstanding shares and voting rights of CEVA Logistics upon settlement of the tendered CEVA shares, which is scheduled for April 16.
   The public tender offer was for 30 Swiss francs net per share, which grew to 26,127,510 shares tendered in the offer following the end of the additional acceptance period, MarketWatch reported.
   CMA CGM plans to delist CEVA from the Zurich Stock Exchange and set up a CEVA operational center in Marseilles to “bring together the management teams and support functions.”
   “With CEVA, CMA CGM has confirmed its position as a leading worldwide maritime transport and logistics group, supported by a team of 110,000 employees,” said Rodolphe Saadé, chairman and chief executive officer of the CMA CGM Group, in a statement. “We can now offer our customers a complete range of solutions that meet all their needs and set us apart from the competition.”
   The announcement came about two weeks after CEVA Logistics recommended that remaining shareholders that had not already tendered shares do so.
   

Ocean carriers want to keep transpacific prices as high as possible during BCO contract negotiations. This has been successful, with an increase in blank sailings enabling an April 1 GRI. While space is currently reasonably tight and the new rates are still holding, another GRI is unlikely to stick without more blank sailings.

Union Pacific’s net income for Q1 2019 reached $1.4 billion, while CSX’s stood at $834 million and KCS’ totaled $103 million.

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