When CMA CGM counted CEVA as acquired, and when the shares settled

The initial investment preceded the tender

CMA CGM invested at CEVA’s 2018 listing through convertible bonds, which converted to shares in August. It later bought additional shares in October, taking its holding to 32.94%. The accounts describe two board seats and purchases of derivatives as well as shares. Source 1

The accounting date came from economic exposure

The accounts use 4 January 2019 as the acquisition date under IFRS 3, when CMA CGM reported 50.6% economic exposure after a derivative transaction. That figure includes exposure beyond ordinary shares already owned. It gives a different measure from the later voting-right percentages. Source 1

The tender and settlement produced their own milestones

The offer price was CHF 30 per share. CMA CGM’s tender announcement put its stake and voting rights at 97.89% on expected settlement, and its June accounts record subsequent purchases taking ownership to 99.56%. The accounts put total consideration to reach the June stake at USD 1.6 billion across 2018 and 2019. Source 1 Source 2

The group separately transferred logistics activities

The accounts say most of CMA CGM’s own logistics activities moved into CEVA on 2 May 2019 for USD 105 million. The acquirer provided a one-year vendor loan for that transfer. That internal business transfer has its own price and terms alongside the payments to acquire CEVA shares. Source 1

Sources

• CMA CGM consolidated accounts for June 2019, note 3.1
• CMA CGM CEVA tender settlement announcement