CEVA Rejects Takeover Bid and Reshuffles Management

Swiss-based CEVA Logistics, one of the world’s largest cargo logistics set-ups, has been often in the news during the past twelve months due to joint venture deals, operative changes and
management renewals or promotions. Their success has seemingly not gone unnoticed and one or the other company has cast an eye on them as a possible takeover candidate. It seems that CEVA’s
management however is not open for such discussions – for the moment at least.

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It is questionable whether the marriage will come about

DSV bid turned down
The large Danish logistics group, DSV which has its main base in Copenhagen thought that by making a bid for CEVA, that they could greatly expand their busi-ness with one stroke.
However, the Swiss management at CEVA were not playing ball and outrightly rejected DSV’s offer of CHF 27.75 per share. This would have amounted to a cash payout of around US$1.55 billion and
would have given shareholders quite an interesting premium on the present-day share price of CEVA which at the time of the offer was trading at almost CHF19.00 per share.
CEVA’s board of directors claim that the offer was not in the best interests of the company or the shareholders and would endanger its position as a so-called standalone company. There will
surely be others sniffing around CEVA in the coming months.
CEVA works very closely with the CMA – CGM which is said to be the third largest container shipping company worldwide. CMA – CGM also have a 24.99% holding in CEVA and a strong voice as to how
the company strategy is formed.

e-commerce cooperation in South-East Brazil
CEVA Logistics have closed a major deal with Brazil’s Saraiva, the country’s biggest online retail company. CEVA will offer full support to Saraiva for its distribution network in South-East
Brazil. The new deal will see CEVA utilising their warehouse at Extrema, Mias Gerais municipality, to store and distribute Saraiva products to their customers in the south-easter Brazilian
region.
CEVA will be able to handle over one million different products from Saraiva’s portfolio and which they distribute through their e-commerce line. Saraiva and CEVA have been working together for
some time already as logistics giant operates two distribution centres for them in other areas in Brazil.

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Changes at the top
CEVA is presently experiencing somewhat of a management reshuffle.
Serge Corbel has of October 15th taken over as the company’s new Chief Financial Officer (CFO). He replaces Peter Waller who has been CFO since 2016 and is said to be leaving in order to pursue
other career opportunities. Corbel who worked for CEVA shareholder CMA-CGM for the past 25 years has extensive experience in the logistics industry, the company states.
CEVA’s Central & Eastern European cluster gets a new Managing Director with the appointment of Guillame Sauzedde to the position. He will be based in Warsaw and replaces Piotr Zborowski who
is also said to be leaving to pursue other activities.
An internal shake up to ready themselves for another takeover bid?

John Mc Donagh

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Source: Cargoforwarder

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