CMA CGM to Acquire 25% Stake in CEVA

April 20, 2018

Rodolphe Saadé, Chairman and Chief Executive Officer of the CMA CGM Group

French container shipping company CMA CGM said on Friday it would buy a stake of around 25 percent in Ceva Logistics, which is being listed on the Swiss stock market.

CMA CGM said that as part of this process, it would subscribe to a 380-450 million Swiss francs ($463 million) convertible bond offering by Ceva Logistics.

CMA CGM, which is controlled by the Saade family and is one of the world's biggest container lines, said the stake would complement its existing maritime transport businesses.

CMA CGM acquired Singapore-based APL line in 2016 and was part of last year's launch of vessel-sharing partnership Ocean Alliance with Asian firms.

($1 = 0.9719 Swiss francs)

(Reporting by Sudip Kar-Gupta; editing by Jason Neely)