The offer values the Swiss-based company at 1.67 billion francs, according to Reuters.
CMA CGM, the world’s fourth-largest container carrier, announced in January a tender offer to acquire up to 27,289,906 — 49.35 percent — additional shares of CEVA’s outstanding shares at 30 francs each. CMA CGM already controlled 33 percent of CEVA’s capital.
The acquisition was approved last week by the European Commission. The offer has the support of the board of CEVA Logistics, CMA CGM said in a press release.
The two companies, which announced in October they would “broaden their strategic partnership,” plan to implement cooperation programs, including the integration of CMA CGM’s logistics activity into CEVA to increase the latter’s footprint in ocean freight forwarding.
“By developing a logistics offering to complement our maritime activity, we will be able to propose a full ‘end-to-end’ service to our customers,” said Rodolphe Saadé, chairman and CEO of CMA CGM.
The entire public tender offer is expected to close in mid-April, CMA CGM said in a statement.