Ceva's $440m Turkish M&A dish – what's in it?
Tasty… or…
By Alex Lennane
CMA CGM is now fully in control of Ceva, holding more than 98%, and is filing a claim to cancel any outstanding shares.
Following yesterday’s AGM, Ceva announced management changes that will see chief executive Xaiver Urabin, who has turned around the business, become executive advisor to the new chairman, CMA CGM’s Rodolphe Saadé.
Ceva’s new CEO will be group chief operating officer Nicolas Sartini, while Apollo-appointed Marvin Schlanger, who had a brief period as chief executive and chairman of Ceva, has not been re-elected to the board, marking the firm’s final move ...
Comment on this article
Gary Ferrulli
April 30, 2019 at 3:08 pmInteresting; how dies a company go from losing nearly a $1.Million US a day to this
with what they are reporting?
Alessandro Pasetti
April 30, 2019 at 3:20 pmGF,
It was significantly more than $1m a day in Q118; but in Q119, $1m a day is about right, pre-IFRS.
“Free Cash Flow was US$(88) million in the first quarter of 2019 on a pre-IFRS 16 basis, compared with US$(130) million in the same period of
2018. This improvement is mainly a reflection of a better management of working capital.”
+
Page 2 here, FcF: https://ceva-production.scdn4.secure.raxcdn.com/sites/default/files/CEVA%20Logistics%20AG_Q1%202019%20-IFS%20&%20Management%20Report.pdf
If it says it is on target, then you might want to question the mid-term targets, but it’s 2021 so it’s all good…
Best,
AP
Felix
May 01, 2019 at 9:12 amabout time to change management .. but you need to go to cluster level ( region level to make changes) .. you can not turn around company with the same crew who has been sitting on their chairs for last 10 over years..