French containerline CMA CGM today announced its firm intention to make an all-cash voluntary conditional general offer for all the outstanding shares of Neptune Orient Lines Limited (NOL), other than those it already owns.
The offer price is S$1.30 in cash per NOL share, which CMA CGM does not intend to increase.
CMA CGM first set out its plans to buy NOL, which owns containerline APL, last year, and has been steadily buying small shareholdings in Singapore’s flag ship carrier over the past six months.
The acquisition of NOL will cement CMA CGM’s position as the third largest containerline in the world after Maersk and MSC.
