CMA CGM will compulsorily acquire all shares in Neptune Orient Lines (NOL) that it does not own having passed the 91.05% ownership threshold.
CMA CGM launched a SGD1.30 per share takeover bid for NOL on 6 June and as of end of 28 June owned 91.28% of the Singapore-headquartered shipping line.
This sees it crossing the 91.05% threshold under which CMA CGM can compulsorily acquire all the shares in NOL that it does not own after the offer closes on 16 July, which it said it plans to do.
Crossing the 91.05% threshold came one day after the French Line increased ownership to over 90% allowing it to delist NOL from the Singapore Exchange.
As part of the acquisition CMA CGM has made a number of commitments to Singapore, shifting its Asian regional headquarters from Hong Kong to Singapore and entering into a four mega-ship berth joint venture terminal with PSA Singapore Terminals.
The French line plans to maintain NOL’s iconic APL brand, which added to its own operations will make it the largest carrier on the transpacific trade.
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