News ID: 65638 |
Publish Date: 11:39 - 13 June 2016

CMA CGM offers for remaining NOL shares

France’s CMA CGM has launched an all-cash voluntary conditional general offer to acquire all outstanding shares of Neptune Orient Lines (NOL), on top of those it already owns or has agreed to acquire.

CMA CGM offers for remaining NOL sharesAccording to MANA,The CMA CGM offer followed approvals by the relevant regulatory authorities in the European Union and China.
CMA CGM said the offer price is SGD1.30 ($0.96) per NOL share in cash, which CMA CGM does not intend to increase.
The total carrying capacity of CMA CGM and NOL would increase to approximately 2.35m teu, giving them a market share of around 11.7%, a fleet of some 540 vessels and a combined annual turnover of about $21bn.
CMA CGM currently owns 10.5% of all NOL shares, and it intends to delist the Singapore-listed company and privatise NOL through the takeover offer. NOL is majority controlled by Singapore’s Temasek Holdings and its affiliates, which own 66.78% of all NOL shares.
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