French containerline CMA CGM today finally made its all-cash voluntary conditional general offer for all the outstanding shares of Neptune Orient Lines (NOL). This follows approvals by the relevant regulatory authorities in the European Union and China.
CMA CGM currently owns 10.5% of all NOL shares, and intends to delist and privatise NOL, parent of boxline APL, through the offer.
The offer price is S$1.30 per NOL share in cash, which CMA CGM does not intend to increase.
The NOL acquisition will boost CMA CGM’s fleet to 2.35m teu, giving it an 11.7% market share.
“In a particularly challenging international context in the shipping sector, our offer fully and fairly values NOL. We believe this is an attractive offer for all shareholders, as it was for Temasek and its affiliates, which have committed to tender their 66.78% stake”, said Rodolphe Saadé, vice chairman of CMA CGM.
