French shipping group CMA CGM will offer to buy out other shareholders of Ceva Logistics in a move to reinforce its partnership with the Swiss transport company, possibly resulting in it gaining majority control, according to media sources.
Reuters reported that CMA CGM, which already owns around a third of Ceva’s share capital, said it would launch a voluntary buyout offer of 30 Swiss francs in cash, matching this month’s rejected takeover bid by Danish freight company DSV.
Ceva shares jumped 32% to 29.65 francs, around the level of CMA CGM’s offer price.
Analysts have said the takeover bid by CMA CGM looks like a clincher, adding that “it would take an offer substantially above 30 Francs for CMA CGM to pause for thought”.
Confirmation as to the success of CMA CGM’s buyout bid is expected by November 30 at the latest, sources have said.
The French-owned line’s bid has pivoted Ceva’s projected listed value at about 1.6 billion francs.
The freight forwarder said in a statement that CMA CGM’s offer matched DSV’s but the former “had been a strategic partner for Ceva since its IPO in May, which priced its shares at 27.50 francs”, making it a “strategic investment that will benefit both parties”.
