CMA CGM announced this week it had cleared all regulatory hurdles to acquire a 24.99% stake in the Switzerland-based logistics management company Ceva Logistics.
CMA CGM made an investment in convertible securities issued by Ceva at the time of its initial public offering on the SIX Swiss Exchange. After obtaining all required regulatory approvals, the securities are to be converted into registered ordinary shares, following which, CMA CGM will hold 24.99% of Ceva’s share capital.
Ceva CEO Xavier Urbain said: “It is good news that regulatory approvals have been obtained so quickly and we can now fully engage. We are excited about the partnership with CMA CGM.”
The IPO was floated in early May, with Reuters reporting that CMA CGM invested 379m Swiss francs (roughly $509.6m) for its stake in the company.
When CMA CGM announced in April its intention to acquire the stake, the late CMA CGM chairman and CEO Rodolphe Saadé said the move was significant and in line with CMA CGM’s development strategy.
“Ceva is a major player in the logistics business, which is closely related to the shipping industry,” he said.
“Together, the two companies will also explore possible co-operations allowing us to propose an ever more differentiated and qualitative offering while integrating services beyond maritime transport.”