CEVA to be de-listed as CMA CGM is set to gain a 98% shareholding
12 / 04 / 2019
The end of CEVA’s short time on the Zurich Stock Exchange looks to have been confirmed after CMA CGM said it was now on course to hold a 97.89% stake in the forwarder.
Following the announcement, the French shipping giant reconfirmed plans to de-list CEVA from the SIX Swiss Exchange. Settlement of the tendered shares is scheduled for April 16.
Rodolphe Saadé, chairman and chief executive of the CMA CGM Group said: “This successful transaction marks a major milestone in the history of CMA CGM’s growth. 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. We can now offer our customers a complete range of solutions that meet all their needs and set us apart from the competition.”
The shipping firm said that merging CEVA’s operations into the CMA CGM Group will “strengthen its position as a worldwide leader in maritime transport and logistics”.
CMA CGM said: “Present in 160 countries, the Group will be 110,000 people strong with more than $30bn in revenue. The implementation of CEVA’s new strategic plan, prepared jointly with CMA CGM, and the close cooperation between the teams of the two companies are going to drive an improvement in CEVA’s financial performance.”
A CEVA operational center will be set up in Marseilles to bring together the management teams and support functions, i.e. 200 jobs, both created and transferred.
This consolidation will enable the deployment of a coordinated set of structural initiatives, such as:
- improving productivity by investing in information systems and digital technology;
- refocusing local teams on customer service;
- achieving a more balanced customer segmentation;
- streamlining the corporate organization, in particular by reducing the number of regions and harmonizing processes;
- implementing more targeted, more customer-focused communication
