CMA CGM has taken majority control of Singapore’s Neptune Orient Lines (NOL, parent of boxline APL.
NOL’s majority shareholders – sovereign wealth fund Temasek and its affiliates – have tendered all of their shares in acceptance of the S$1.30 offer. The offer is now wholly unconditional.
“We are supportive of this transaction as it presents NOL with an opportunity to join a leading player with an extensive global presence and solid operational track record. The combination of NOL and CMA CGM will create a leading shipping company that delivers reliable and efficient service to its customers,” said Temasek’s joint head, portfolio management group, Tan Chong Lee.
CMA CGM now has approximately 78.07% of all NOL shares, and does not intend to preserve the listing status of NOL.
With is majority shareholding now fixed CMA CGM has also changed the board of directors at the Singapore company with Rodolphe Saadé coming in as chairman, joined by Nicolas Sartini (who is expected to run the Singapore line), Lars Kastrup, Serge Corbel, Ziad Tabet, Mathilde Lemoine, Ng Yat Chung (the former NOL chairman), Kwa Chong Seng, Quek See Tiat and Tan Puay Chiang.