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CMA ups Ceva stake to fend off DSV

[ October 15, 2018   //   ]

Shipping line CMA CGM is increasing in its shareholding in logistics specialist Ceva, with the latter rejecting an advance by rival logistics firm DSV. CMA CGM announced that it would take a 25% share in Ceva Logistics in April, a deal which also allowed it to nominate two members to Ceva’s board of directors.

A 25% limit on CMA CGM’s  holding in Ceva until 5 November was also raised to up to one third of the voting rights of CEVA Logistics with immediate effect.

CMA CGM says it wants to accelerate Ceva’s turnaround, bringing its recognized operational expertise and turnaround track record, generate new commercial opportunities through its status as a leading shipping company, and support Ceva’s reorganization and development strategy. CMA CGM said it supported CEVA’s decision not to engage in the unsolicited offer it had received from rival logistics firm, DSV.

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