CMA CGM Keeps Buying NOL Shares

By Aiswarya Lakshmi January 11, 2016

French liner giant CMA CGM has acquired last week a total of 2.26 million shares in Neptune Orient Lines (NOL), six months before it is scheduled to make good its S$3.4 billion takeover bid for the Singapore-listed liner, reports Business Times.

It acquired 1.33 million (0.05 per cent stake) at $1.233 apiece) and 930,700 shares (0.04 per cent) at S$1.235 each on Jan 4 and Jan 5 respectively.

This information was revealed by CMA CGM's financial advisers comprising the Singapore branches of BNP Paribas and The Hongkong and Shanghai Banking Corporation as well as JP Morgan.

Marseilles-based container shipping group now has a 1.18% stake in NOL according to Singapore Exchange disclosures.

In December last year NOL’s main shareholder Temasek Holdings agreed to sell its 66.84% stake at SGD1.30 per share, which assuming regulatory approvals are granted, will trigger a mandatory takeover offer at the same price for all remaining shares in the company. The required regulatory approvals are not expected till mid-2016.