THE European Commission has given the green light for French
shipping giant CMA CGM to proceed with its acquisition of Switzerland's
CEVA Logistics.
The Commission concluded the planned
deal would not trigger anti-competition concerns because of its limited impact
on the structure of the freight forwarder and the deep sea and short sea container
shipping markets, reported American Shipper.
CMA CGM, the fourth-largest container shipping
line worldwide, announced in January a tender offer to acquire up to 27,289,906
additional shares, equivalent to 49.35 per cent of CEVA's outstanding shares.
CMA CGM said it and "persons acting in concert with it" already hold
18,192,034 shares, or 33 per cent of the shares.
The carrier plans to keep CEVA as an
independently listed company with a significant free float on SIX
Swiss Exchange.
The entire public tender offer is
expected to close in mid-April, according to CMA CGM.
Source : HKSG.
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