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EC approves CMA CGM’s takeover of NOL

The European Commission (EC) has today cleared CMA CGM’s acquisition of Neptune Orient Lines (NOL), following a Phase 1 review.

The takeover was approved on the condition that NOL exits the G6 shipping alliance. The Singapore-based container line has already given notice to other alliance members of its intention to leave and will have made its exit by the end of the year.

The two companies are still waiting for remaining authorities to close their reviews “as quickly as possible” in order for CMA CGM’s proposed offer to be launched.

The French container line’s $2.4bn general cash offer for the company was accepted by NOL’s majority shareholders Temasek and its affiliates on December 7.

The new combined entity will have a capacity of 2.4m teu and combined fleet of 563 vessels, with market share of around 11.5% and a turnover of close to $22.3bn.

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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