CMA CGM acquires stake in CEVA

The French container carrier and shipping company announced Friday that it had reached a deal to acquire an equity stake of nearly 25 percent of the global logistics company.

CMA CGM acquires stake in CEVA

The French container carrier and shipping company announced Friday that it had reached a deal to acquire an equity stake of nearly 25 percent of the global logistics company.

CMA CGM acquires stake in CEVA

The French container carrier and shipping company announced Friday that it had reached a deal to acquire an equity stake of nearly 25 percent of the global logistics company.

 
CMA CGM announced Friday that it has struck an agreement with CEVA Logistics AG to acquire a nearly 25 percent equity stake in the global logistics company.
    CMA CGM has committed to subscribe for mandatory convertible securities of CEVA in an estimated amount between CHF 380 million and CHF 450 million (U.S. $390 million to $462 million), which will be convertible into CEVA common shares, subject to required regulatory approvals.
    “This equity investment takes place in connection with CEVA’s planned initial public offering on the SIX Swiss Exchange, announced on 20th April 2018, and remains conditioned upon its successful completion,” CMA CGM said.
    CEVA revealed earlier this month it would seek to raise CHF 1.3 billion in an initial public offering on the SIX Swiss Exchange, which would see its headquarters moved from Hoofdorp, Netherlands, to Baar, Switzerland.
    CMA CGM and CEVA plan to explore potential opportunities to work together toward the development of joint commercial offerings, according to terms that will be defined in the coming months, CMA CGM said.
   Following the equity investment, CMA CGM said it will nominate two members of CEVA’s board of directors.
    CEVA has more than 56,000 employees and temporary/agency workers in 160 countries across the globe. It is the No. 5 player in contract logistics and comes in 10th place for freight forwarding.
    CEVA sank deeper into the red in 2017, tallying up a loss of $197 million, compared with a $159 million loss the prior year, despite revenues climbing 5.2 percent to $7 billion amid higher airfreight and ocean freight volumes.

There does appear to be some marginal gains to be had from slowing ships even further, both in terms of fuel consumption and cost. Before making this a mandatory requirement, we agree with Maersk that further evaluation of the unintended consequences is required.

The Port of Savannah is called by 39 liner services that directly connect it to regions outside North America, 16 of which call Asia, according to BlueWater Reporting's Port Dashboard tool.

Most Popular
Latest News
Social Media

Loading...

China extending ban on solid waste imports

China extending ban on solid waste imports

Embed this story

Share Code Version 1

This version will embed the story headline and includes HTML fallback protection, ensuring the story will display even if some users decide to disable javascript in their browsers.

Copy & Paste the following code to embed this story on your website:

Preview

CMA CGM acquires stake in CEVA

The French container carrier and shipping company announced Friday that it had reached a deal to acquire an equity stake of nearly 25 percent of the global logistics company.

Apr 19, 2018 on Dec 27, 2018AmericanShipper.com

Share Code Version 2

This version will embed the story headline without any styling applied. Use this version if you will use your own custom styling on your website. This version also includes HTML fallback protection.

Copy & Paste the following code to embed this story on your website:

Preview

CMA CGM acquires stake in CEVA

The French container carrier and shipping company announced Friday that it had reached a deal to acquire an equity stake of nearly 25 percent of the global logistics company.

Apr 19, 2018 on Dec 27, 2018AmericanShipper.com