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.

News ID: 65638

Date: 13 June 2016 - 11:39

According 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.