CMA CGM nears 90% of voting rights in CEVA Logistics
19 / 03 / 2019
CEVA Logistics is likely to de-list from the SIX Swiss Exchange later this year after confirming media reports that French shipping group CMA CGM is on course to control almost 90% of the voting rights in the supply chain company.
Switzerland-based CEVA said that a SFr30 per share public tender offer by CMA CGM, and the acquisition of additional shares, would give the shipping giant an aggregate of at least 49.4m shares, corresponding to 89.47% of the share capital and voting rights.
The share price offer by the then minority stakeholder CMA CGM was agreed in October after a takeover bid from Denmark’s DSV was rejected.
The logistics operator, which today issued the interim results of public tender offer, said in a statement: “CEVA acknowledges that CMA CGM is likely to hold, after settlement of the offer, a percentage of the share capital and voting rights of CEVA that would allow CMA CGM to implement a squeeze-out.
“CEVA would therefore apply for a delisting of its shares from the SIX Swiss Exchange. Consequently, CEVA’s board of directors has decided to recommend that remaining shareholders tender their shares during the upcoming additional offer period, which will commence on 20 March 2019 and close on 2 April 2019.”
The company added: “If delisting occurs, it would most likely occur concurrently with a squeeze-out, which would be expected to take place in the third quarter of 2019 once all stock exchange and other legal conditions are fulfilled.”
