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CMA CGM takes NOL stake to over 10%

CMA CGM takes NOL stake to over 10%
CMA CGM now owns 10% of takeover target Neptune Orient Lines (NOL) as open share buys continue on a near daily basis.

On Wednesday CMA CGM acquired a further 636,500 shares in NOL for SGD1.29 ($0.94), one cent below its takeover offer price, taking its stake in the Singapore shipping line to 10.07%.

CMA CGM offer SGD1.30 per share in a $2.4bn takeover of NOL last December. However, with regulatory approvals expected to take around eight months many investors have chosen to sell on the open market at a level below the offer price.

At the end of April CMA CGM gained regulatory approval from the European Commission (EC) for the takeover.