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.