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CMA CGM gets European approval for NOL buyout

CMA CGM gets European approval for NOL buyout
CMA CGM has moved a step closer to its planned $2.4bn takeover of Neptune Orient Lines (NOL) with approval from the European Commission (EC).

The French line said it received approval from the EC for the takeover today.

“The proposed transaction was notified to the European Commission on 8 March 2016 and was cleared today following a Phase 1 review, under the conditions put forward by the company, namely NOL’s exit from the G6 shipping alliance,” CMA CGM said.

Last week CMA CGM announced plans for a new alliance from next April called the Ocean Alliance with Cosco, Evergreen and Orient Overseas Container Line (OOCL).

The acquisition requires a number of other regulatory approvals including in the US and China. “Both companies will continue to cooperate with the remaining authorities to close their reviews as quickly as possible,” CMA CGM said.

In the meantime the French company has continued to build-up its stake in NOL via open market share purchases and it now stands at 8.3%.