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CMA CGM closes NOL takeover offer owning a near 98% stake

In a big day for shipping consolidation CMA CGM closed its takeover offer for Neptune Orient Lines (NOL) owning 97.83% of the Singapore-listed container line.

Marcus Hand, Editor

July 18, 2016

1 Min Read
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CMA CGM’s general offer for all shares in NOL it did not already own closed at 5-30pm Singapore time with it owning 2.54bn shares in the shipping line.

Having easily exceeded the 90% threshold required by the Singapore Exchange for delisting and compulsory acquisition of all remaining shares it does not own NOL, CMA CGM reiterated its plan to exercise those rights.

All remaining shares will be acquired at the offer price of SGD1.30.

The news comes on the same day that Hapag-Lloyd formally inked its merger deal with United Arab Shipping Co (UASC) and Stolt-Nielsen announced it was buying Jo Tankers chemical carrier business for $575m.

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About the Author

Marcus Hand

Marcus Hand

Editor

Marcus Hand is the editor of Seatrade Maritime News and a dedicated maritime journalist with over two decades of experience covering the shipping industry in Asia.

Marcus is also an experienced industry commentator and has chaired many conferences and round tables. Before joining Seatrade at the beginning of 2010, Marcus worked for the shipping industry journal Lloyd's List for a decade and before that the Singapore Business Times covering shipping and aviation.

In November 2022, Marcus was announced as a member of the Board of Advisors to the Singapore Journal of Maritime Talent and Technology (SJMTT) to help bring together thought leadership around the key areas of talent and technology.

Marcus is the founder of the Seatrade Maritime Podcast that delivers commentary, opinions and conversations on shipping's most important topics.

Conferences & Webinars

Marcus Hand regularly moderates at international maritime events. Below you’ll find a list of selected past conferences and webinars.

See more from Marcus Hand
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