CMA CGM receives
regulatory approvals for its investment in CEVA
CEVA Logistics A.G. (CEVA), one of
the leading asset-light third-party logistics providers, has announced that CMA
CGM S.A. has obtained all regulatory approvals required in connection with its
investment in CEVA and will become a regular 24.99 per cent shareholder in CEVA.
CMA CGM, the third largest container
shipping group in the world, made a strategic investment in convertible
securities issued by CEVA in a concurrent private placement at the time of CEVA’s
initial public offering on the SIX Swiss Exchange (the IPO). CMA CGM has now
obtained all required regulatory approvals and the securities will be converted
into registered ordinary shares in the coming days. Following conversion, CMA
CGM will hold 24.99 per cent of CEVA’s share capital. CMA CGM has entered into
a lock-up agreement for one year following the IPO and has agreed not to
increase its shareholding in CEVA for six months post-IPO.
CEVA and CMA CGM will work together
to expand their commercial cooperation and to develop complementary services
that address the increasing customer need for integrated end-to-end solutions.
Both companies will explore arms-length cooperation and believe that the
partnership could create significant value to customers and would be mutually
beneficial to both companies, said a release.
CEVA’s CEO, Mr Xavier Urbain,
commented: "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."
Source: Exim
News Service - Baar (Switzerland), July 11
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