CMA offers concessions to get EU approval for $2.4bn NOL dealStaff writer ▼ | April 12, 2016
French container shipping group CMA CGM has offered concessions in a bid to win European Union antitrust approval for its $2.4 billion takeover of Singaporean rival Neptune Orient Lines.
Takeover CMA CGM ranks behind Maersk Line and MSC
CMA is expected to withdraw NOL from competing shipping alliances to allay concerns, people familiar with the matter said.
The tie-up between German container shipping company Hapag Lloyd and Chilean peer Compania Sud Americana de Vapores (CSAV) gained the green light from the EU two years ago after CSAV agreed to withdraw from two shipping alliances covering trade between Northern Europe and the Caribbean, and South America's west coast.
The CMA offer resulted in the EU competition authority extending the deadline for its decision on CMA CGM's NOL takeover to April 29 from April 15 to examine the package, according to the Commission website. ■