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CMA CGMBAAR, Switzerland: March 19, 2019. Rodolphe Saadé, CEO of CMA CGM, is expected to become chairman of the CEVA Logistics Board of directors next month following the tendering of 89.47 percent of CEVA shares in response to a CMA CGM public offer of CHF30 a share.

Acknowledging that CMA CGM could implement a ‘squeeze out’ as a result and force the remaining shareholders - including CEVA management - to sell their stock before they become valueless in the event of a de-listing, the CEVA Board is recommending shareholders tender their remaining shares during an additional offer period that began March 20 and closes on April 02, 2019.

The 89.47 percent CMA CGM holding, now equal to CHF1.48 billion, includes 33 percent of CEVA's shares already owned by the French company as well as 17.6 percent held by certain banks which, subject to the receipt of certain regulatory approvals, could be obtained by CMA CGM.

CEVA says a delisting from the SIX Swiss Exchange would most likely occur concurrently with a squeeze-out in the third quarter of 2019, once all stock exchange and other legal conditions are fulfilled.

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