CMA CGM Stake in NOL Edges Past 10%
By Aiswarya Lakshmi
May 12, 2016
French container shipping giant CMA CGM now owns 10.07% of its takeover target Singapore's Neptune Orient Lines (NOL) as open share buys continue on a near daily basis.
The European Commission has approved CMA CGM's $3.38 billion acquisition of NOL. The acquisition of 636,500 more shares on Wednesday helped the French liner giant to pass the psychological threshold.
NOL is being bought for $1.30 a share, subject to anti-trust clearances from the European Union, China and the United States.
But CMA CGM acquired latest bulk of shares in NOL for SGD1.29 ($0.94), one cent below its takeover offer price.
CMA CGM said in a statement: "Both companies will continue to cooperate with the remaining authorities to close their reviews as quickly as possible."
Privately owned CMA CGM has said its aim is to delist NOL, and CMA CGM would need more than 90 per cent to get NOL delisted.
