CMA CGM Stake in NOL Edges Past 10%

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.
 

Logistics News

Singapore Maritime Foundation Hosts MaritimeONE Scholarship Award Ceremony 2025

Singapore Maritime Foundation Hosts MaritimeONE Scholarship Award Ceremony 2025

Great Circle Group Expands Marine Technology Services to Cape Cod

Great Circle Group Expands Marine Technology Services to Cape Cod

OPCSA Orders Eight Hybrid Konecranes RTG Cranes

OPCSA Orders Eight Hybrid Konecranes RTG Cranes

Adani Group Refuses Sanctioned Vessels at its Ports

Adani Group Refuses Sanctioned Vessels at its Ports

Subscribe for Maritime Logistics Professional E‑News

Modi launches development projects in Manipur and calls for peace
Nigeria reduces crude oil losses to a 16-year low
Union Pacific CEO talks to Trump about $85 billion plan for Norfolk