The race between CMA CGM and Maersk for the acquisition of Singapore’s Neptune Orient Lines (NOL) looks to have been won by the French line, with NOL announcing that major shareholder, Temasek Holdings, and CMA CGM have entered into an exclusivity arrangement for the potential acquisition.
NOL and Temasek subsidiary Lentor Investments, have granted CMA CGM exclusivity to complete due diligence and negotiate a definitive agreement, with a deadlne of 11:59pm on December 7.
NOL said that negotiations will not necessarily result in a transaction, although it is believed the two parties have as good as settled on the deal.
Temasek Holdings, Singapore’s sovereign wealth fund and majority shareholder in NOL, put its NOL stake up for sale earlier this year and on November 8 it was confirmed that the line was in talks with both CMA CGM and A.P. Moeller-Maersk.