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CMA CGM takes stake as CEVA logistics plans to float

CMA CGM is to acquire a 25 percent stake in CEVA Logistics as part of the planned flotation of the CEVA business, which was announced yesterday.

CEVA Logistics set its launch on the Swiss stock exchange for May 4, 2018 with a projected share price of CHF27.5 (USD28.25) to CHF52.5 (USD53.9).

The company aims to raise CHF1.2 billion (USD1.23 billion) in an all-primary share offering.

CMA CGM said the deal would enable the shipping line to grow its presence in the logistics market. As a result of the investment CMA CGM will nominate two members of the CEVA board.

The two companies have agreed to explore potential opportunities to work together towards the development of joint commercial offerings, according to terms that will be defined in the coming months.

CMA CGM has committed to subscribe for mandatory convertible securities of CEVA for an estimated amount between CHF380 (USD390) and CHF450 (USD462) million.

This equity investment remains conditioned upon its successful completion of CEVA's planned initial public offering.

Rodolphe Saadé, chairman and chief executive of CMA CGM said: "With this proposed investment in CEVA, CMA CGM makes a significant move, in line with its development strategy. CEVA is a major player in the logistics business, which is closely related to the shipping industry. Together, the two companies will also explore possible cooperation allowing us to propose an ever more differentiated and qualitative offering while integrating services beyond maritime transport."

 

www.cevalogistics.com

www.cma-cgm.com

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