Business, Forwarding, Freight News, Logistics, Sea

CMA CGM makes ‘friendly’ bid for Ceva

[ February 12, 2019   //   ]

CMA CGM has made a public tender offer of CHF (Swiss france) 30 per share, in logistics and forwarding company Ceva of saying that the Ceva board “is fully aligned with this friendly offer”.
The shipping line’s chairman and chief executive Rodolphe Saadé, said the move would allow CMA CGM to develop “ a logistics offering to complement our maritime activity” and offer “a full ‘end-to-end’ service to our customers.”
Once the takeover is complete, CMA CGM will become a 100,000-employee strong group, generating over US$30 billion in revenue, he added.
CMA CGM’s existing logistics activity, which employs 1,200 people and has a turnover of $650 million will be integrated into CEVA to increase the forwarder’s ocean freight footprint and give economies of scale.