CMA CGM obtains regulatory green light for 24.9% stake in CEVA
11 / 07 / 2018
CMA-CGM, the world's third largest container shipping group, has obtained all regulatory approvals to complete its 24.99% shareholder investment in supply chain specialist CEVA Logistics.
CMA CGM made a strategic investment in convertible securities issued by CEVA in a concurrent private placement at the time of CEVA's initial public offering (IPO) on the SIX Swiss Exchange.
The shipping line has entered into a lock-up agreement for one year following the IPO and has agreed not to increase its shareholding in CEVA for six months post-IPO.
A joint statement said that the two companies will work together "to expand their commercial cooperation and to develop complementary services, which address the increasing customer need for integrated end-to-end solutions".
Both companies will explore "arms-length cooperation" and believe that the partnership could create "significant value to customers and would be mutually beneficial to both companies".
CEVA chief executive Xavier Urbain, commented: "It is good news that regulatory approvals have been obtained so quickly and we can now fully engage. We are excited about the partnership with CMA CGM."