World News
CMA CGM Gets China Approval to Proceed With Takeover of Singapore's NOL
Thursday May 26, 2016
France's CMA CGM S.A. (CMA CGM) Wednesday said it has received confirmation that its pending acquisition of Neptune Orient Lines (NOL) has been cleared by China.
The news follows approval from the EU last month, paving the way for the deal to complete.
"With regulatory approvals now received from MOFCOM and the European Commission on its proposed voluntary general cash offer for NOL as announced on 7 December 2015 (Offer), CMA CGM expects to announce the Offer by June 2, 2016 (before 7 a.m.) at the latest," the company said.
As Ship & Bunker previously reported, after much speculation, in December last year NOL confirmed the S$3.4 billion ($2.4 billion) cash offer from CMA CGM to buy the Singapore-based box shipper.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 647.50 | 1.00 | 770.00 | 3.50 |
| Rotterdam | 601.50 | 2.50 | 754.00 | 2.00 |
| Houston | 619.00 | 11.50 | 795.50 | 3.00 |
| Fujairah | 651.50 | 1.00 | 895.00 | 2.00 |
| Global 20 Ports Average | 664.00 | 1.50 | 856.50 | 2.00 |
| Global 4 Ports Average | 630.00 | 3.00 | 803.50 | 2.50 |
| Global Average Bunker Price | 718.00 | 0.50 | 914.50 | 0.50 |
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