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CMA CGM buys more of NOL at a discountCMA CGM buys more of NOL at a discount
CMA CGM has increased its stake in Neptune Orient Lines (NOL) to 1.18% as it continues to buy up shares on the open market for less than its takeover offer.
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Kalyakan - stock.adobe.com
CMA CGM bought 6.6m shares in NOL on the open market, 1.78m for SGD1.235 per share and 4.82m for SGD1.23 per share. This compares to a takeover offer price of SGD1.30 per share.
The French line now has a 1.18% stake in NOL according to Singapore Exchange disclosures.
In December last year NOL’s main shareholder Temasek Holdings agreed to sell its 66.84% stake at SGD1.30 per share, which assuming regulatory approvals are granted, will trigger a mandatory takeover offer at the same price for all remaining shares in the company.
However, the required regulatory approvals are not expected till mid-2016, with a general offer then taking a further 28 days after that. CMA CGM has said it will de-list NOL if it gains more than 90% shareholder approval.
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