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CMA CGM completes acquisition of NOL

CMA CGM’s voluntary unconditional general offer to buy Neptune Orient Lines (NOL) has closed today.

The French carrier now owns 97.83% (2,547,264,348 shares) of the Singapore-based container line.

The Singapore Exchange Securities Trading has suspended trading of NOL’s shares on the bourse, and CMA CGM said in a statement it does not intend to take steps to lift the suspension.

The carrier intends to exercise its rights to compulsorily acquire the remaining 2.17% of NOL’s shares, for which CMA CGM will offer a price of S$1.30 per share “as soon as practicable”.

Once the buy-out is complete, NOL will become a wholly owned subsidiary of CMA CGM and will be delisted from the Singapore Exchange.

Holly Birkett

Holly is Splash's Online Editor and correspondent for the UK and Mediterranean. She has been a maritime journalist since 2010, and has written for and edited several trade publications. She is currently studying for membership of the Institute of Chartered Shipbrokers. In 2013, Holly won the Seahorse Club's Social Media Journalist of the Year award. She is currently based in London.
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