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24 April 2019 The on-line newspaper devoted to the world of transports 12:27 GMT+2



January 28, 2019

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Original news
The Board of Directors of CEVA has rejected the offer of fusion introduced from CMA CGM

According to the Board, in the medium term the value of the actions will increase of 10 franchi regarding the 30 currently offered from the shipowning group

The board of directors of the Helvetic logistic group CEVA has exhorted the shareholders of the society to at the end reject the offer of acquisition introduced last year from the French shipowning group CMA CGM(of the 17 and 26 October 2018). The Board of the logistic company has explained that the Swiss purchase price of 30 franchi for each action of CEVA proposed from CMA CGM is inferior regarding the defined medium value of 40 franchi Swiss from an independent appraisal of the industrial plan of the company for the period until 2023, that has been subordinate to update, offered value therefore very above that from the shipowning group.

The Board of Directors has specified that if the price of offer of 30 franchi per.share is reasonable from the financial point of view and that therefore the proposal constitutes a fair opportunity for the shareholders who wish to pocket money from the sale of own CEVA actions, however yielding the titles the shareholders could not realize a advanced value thanks to the growth potential inborn in the activity of the logistic group, to the effect of the acquisition of the activities of logistics of the goods of CMA CGM previewed from the agreement with the French group (transaction of the value of 105 million dollars that would have to be capacity to term in according to trimester of this year) and from the partnership strategic with the same French shipowning society.

The board of directors of CEVA has remembered moreover that the business plan of the group previews that in the 2021 turnover will be advanced to nine billions of dollars, pairs to a annual medium increase of +5% that includes the contribution of 630 million dollars deriving from the acquisition of CMA CGM Logistics. Moreover the plan previews that the EBITDA rectified will go up from 380 million dollars in 2017 to 470-490 million dollars in 2021.

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