World News
CMA CGM Moves to Complete NOL Acquisition
CMA CGM S.A. (CMA CGM) Monday announced its "firm intention" to put forth an all-cash voluntary conditional general offer for Neptune Orient Lines Limited's (NOL's) remaining outstanding shares that it doesn't already own, control, or has agreed to acquire.
CMA CGM says it the offer price is S$1.30 ($0.94) per NOL share in cash, which the company notes it "does not intend to increase."
"Further details of the Offer are set out in the Offer Announcement dated 30 May 2016, and full details of the Offer will be set out in the Composite Document, which will comprise the Offer Document and NOL's circular to its shareholders, to be despatched to NOL shareholders as soon as practicable following the date of the Offer Announcement," explained CMA CGM.
Having received European backing for the deal in April, last week, CMA CGM said it has received confirmation that its pending acquisition of NOL had been cleared by China.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 648.00 | 2.00 | 808.00 | 10.00 |
| Rotterdam | 613.50 | 4.50 | 792.00 | 21.50 |
| Houston | 646.00 | 3.00 | 851.00 | 13.50 |
| Fujairah | 647.50 | 1.50 | 900.00 | 0.50 |
| Global 20 Ports Average | 672.50 | 0.50 | 896.50 | 0.50 |
| Global 4 Ports Average | 638.50 | 2.00 | 838.00 | 4.00 |
| Global Average Bunker Price | 727.00 | 2.00 | 943.00 | 2.00 |
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