CMA CGM offers $2.4 billion for Singapore NOLStaff writer ▼ | December 8, 2015
CMA CGM, the world's third-largest container shipping firm, made a S$3.4 billion ($2.43 billion) offer to buy Singapore's Neptune Orient Lines to expand its presence on trans-Pacific routes.
Acquisition Family-owned CMA CGM offered S$1.30 a share in cash
The deal would require anti-trust approvals from the United States, Europe and China. After they are obtained, a formal offer is expected to be launched around June 2016, NOL CEO Ng Yat Chung said.
CMA CGM's offer closes the chapter on a difficult investment for Temasek. The state investor paid S$2.80 a share in 2004 when it increased its stake in NOL to 68 percent from 29 percent.
CMA CGM will make a mandatory cash offer for the remaining shares from minority shareholders that include BlackRock. ■