The Board of Directors of CEVA Logistics AG, a global asset-light third-party logistics company, announces that it has received an unsolicited non-binding proposal to acquire the company at the price of CHF 27.75 per share in cash. The Board of Directors of CEVA Logistics carefully reviewed the proposal with the support of its legal and financial advisors and unanimously concluded that the proposal is not in the best interest of the company and its shareholders. Specifically, the Board of Directors concluded that the proposal significantly undervalues CEVA's prospects as a standalone company particularly as CEVA Logistics together with CMA CGM S.A. ("CMA CGM") as a strategic partner has been exploring measures to enhance performance in order to unlock CEVA Logistics' full potential. The unsolicited proposal is therefore inadequate. Accordingly, the Board of Directors has decided to not engage on the basis of this unsolicited proposal.
Modification of stand-still agreement with CMA CGM
In light of the current circumstances, the Board of Directors on request of its major shareholder CMA CGM has agreed to modify the current stand-still agreement between CEVA Logistics and CMA CGM. CMA CGM's duty to not increase its holding above the current 24.99% of the share capital until 5 November, 2018 has been amended to the effect that CMA-CGM is allowed to increase its holding up to one third of the voting rights of CEVA Logistics with immediate effect. All other obligations of CMA CGM (as made public in the IPO prospectus) remain in place, in particular the obligation of CMA CGM to tender its shares into a public tender offer by a third party if recommended by the Board of Directors unless CMA CGM launches a superior offer. In addition, CMA CGM has agreed, under certain conditions, to not launch or trigger an offer without the recommendation of the Board of Directors in the next 6 months (other than an offer which is superior to another offer).
DHL, Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH and drone manufacturer Wingcopter complete successful pilot project
More than 180 take-offs and landings, over 2,200 km flown and roughly 2,000 flight minutes recorded
Revolutionising the delivery of medicines to remote areas using drones - the pilot project Deliver Future proves that it's not science fiction. Three experts in their respective fields are making it happen: DHL, the Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH on behalf of the German Federal Ministry for Economic Cooperation and Development (BMZ) and the German drone manufacturer Wingcopter. Over a six-month period, they successfully tested the delivery of medicines using a drone to an island in Lake Victoria. During the trials, the autonomous DHL Parcelcopter 4.0 completed the 60 km flight from the mainland to the island in 40 minutes on average. A total of 2,200 km were flown and roughly 2,000 flight minutes recorded during the pilot project.
To better serve customers and unlock growth potential in the Logistics & Services segment, A.P. Moller - Maersk will combine its offering for ocean products and supply chain services to be able to offer more comprehensive end-to-end logistic solutions for cargo owners. This is the next step in the Maersk journey to become a global, integrated container transport and logistics company.
On January 1st, 2019, Damco's Supply Chain Services and Maersk Line's Ocean Product will be integrated and their respective value-added services will be combined and sold as Maersk products and services. This will ensure an improved customer experience with fewer touchpoints and a more comprehensive service offering.
The integrated commercial organisation will operate with one management team, one sales force, a strong product organisation and one customer experience organisation, headed by Vincent Clerc, Chief Commercial Officer of Maersk. Klaus Rud Sejling, CEO of Damco, will take on a new position as Head of Maersk's Logistics and Services Products, reporting to CCO, Vincent Clerc.
Søren Skou, CEO of A.P. Moller - Maersk said: "Today we are taking further steps in the transformation of our business on a structural level and how we go to market, enabling us to offer more solutions to our customers in a simpler way. Our employees play a key role in making this happen and therefore we are at the same time empowering our frontline organisation who is closest to our customers."
The regional organisations will be responsible for solutions engineering and product bundling to ensure that the company can take decisions faster, further enhancing the customer experience.
Damco's freight forwarding business, which serves customers requiring air freight or multi-carrier options in ocean freight, will continue to be run as a separate and independent business under the Damco brand. By allowing Damco to focus fully on freight forwarding, A.P. Moller - Maersk aims to build a well performing and global freight forwarding business that can grow and prosper. Saskia Groen In't Woud will be the CEO of Damco Freight Forwarding, she is currently Chief Operating Officer in Damco.
In addition to these changes, three of A.P. Moller - Maersk's regional carrier brands, including MCC Transport, Sealand and Seago Line will go to market as "SeaLand - A Maersk Company" as of October 1, 2018. The simplified naming structure for these brands will help strengthen brand recognition and ensure clarity of choice for customers.
"This integration marks a big milestone on Maersk's current growth journey towards operating as one integrated company. We are in a strong position to deliver solutions that meet our customers end-to-end supply chain management needs, thereby tapping into markets covering the whole journey from producer to consumer by building on our business strengths," Søren Skou added.
With a wider product offering from one team, a clearer brand structure, and a strong digital foundation, A.P. Moller - Maersk is poised for growth.
Chicago-based third-party logistics (3PL) services provider SEKO Logistics said this week it has acquired a major shareholding in Omni-Channel Logistics, a strategic partner, in an effort to expand its e-commerce and technology solutions geared towards retailers, pure-play e-tailers, marketplaces, and platforms.