CMA CGM, a French container transportation and shipping company, made a $1.8bn takeover bid for CEVA Logistics, a global logistics supply chain company in both freight management and contract logistics. CMA CGM currently holds 50.6% of CEVA, made up of around 33% of CEVA’s shares, plus derivatives. Xavier Urbain, CEO of CEVA, said: "I am proud to be putting the whole organization on track to accelerate our transformation and turnaround action plan in the next three years and beyond. This can be achieved by a combination of our commercial and sales focus, cross selling with CMA CGM customers, our own productivity actions, the integration of CMA CGM Logistics within CEVA and sharing resources with CMA CGM in the field of non-strategic procurement and administrative functions."