CMA CGM starts compulsory acquisition of remaining NOL shares

CMA CGM has moved into the final stage of taking 100% control of Neptune Orient Lines (NOL).

On Monday the French container line dispatched letters of compulsory acquisition to the remaining shareholders that did not take up its SGD1.30 per share takeover offer.

CMA CGM’s general offer for NOL closed on 18 July with owning 97.83% of shares in the Singapore-listed container line. As result CMA CGM is able to de-list NOL and acquire all remaining shares in the company it does not already own.

The acquisition of NOL is part of an ongoing consolidation of the liner shipping sector, which has seen UASC merge with Hapag-Lloyd and the merger of Cosco Container Lines and China Shipping Container Lines.

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