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G6 Alliance to continue as normal in 2016 following NOL buyout announcementG6 Alliance to continue as normal in 2016 following NOL buyout announcement
The G6 Alliance will continue to operate as planned in 2016 despite planned acquisition of Neptune Orient Lines (NOL) by CMA CGM, which is expected to complete in the second half of this year.
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Kalyakan - stock.adobe.com
NOL’s container line APL is a one of six members of the G6 Alliance. When CMA CGM announced its plans on Monday to acquire the Singapore-headquartered line said it planned to bring APL into the Ocean 3 alliance of which it is a member along with UASC and China Shipping Container Line (CSCL).
“The transaction is subject to regulatory approvals. Until there is further development, the G6 Alliance assures that its current service structure will remain stable, and expects to operate as aligned through 2016,” NOL said.
Regulatory approvals for the $2.4bn buyout are not expected to be completed until mid-2016 with a mandatory general offer on the Singapore Exchange expected to take until some time in August.
“The G6 Alliance will make further announcements should there be any development,” NOL said.
There could also be changes to CMA CGM’s alliance arrangements in Ocean 3 with CSCL set to merge with fellow Chinese line Cosco.
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