CMA CGM Offer Accepted by NOL's Majority Shareholders

CMA CGM now owns 78.07 percent of NOL's shares.

CMA CGM S.A. (CMA CGM) Friday announced that its all-cash voluntary conditional general offer to acquire outstanding shares of Neptune Orient Lines Limited (NOL) has been accepted by the company's majority stakeholders, with CMA CGM now owning 78.07 percent of NOL's shares.

NOL's majority shareholders - Temasek Holdings Private Limited (Temasek) and its affiliates - are said to have tendered all of their shares in acceptance of the offer on Thursday, explained CMA CGM.

"We are supportive of this transaction as it presents NOL with an opportunity to join a leading player with an extensive global presence and solid operational track record. The combination of NOL and CMA CGM will create a leading shipping company that delivers reliable and efficient service to its customers," said Tan Chong Lee, Joint Head of the Portfolio Management Group at Temasek.

"Their complementary strengths will yield mutually beneficial results. We also note and welcome the commitment of CMA CGM to enhance Singapore's position as a key maritime hub and grow Singapore's container throughput volumes."

Completion of the share acquisition is also said to have resulted in a change to NOL's Board of Directors, which has been reconstituted with ten members, effective June 9.

As Ship & Bunker previously reported, CMA CGM put its offer for the remaining share forward at a price of S$1.30 ($0.94) per NOL share in cash, noting that Acceptances of the Offer must be received by July 4, 2016 at 5.30 p.m. Singapore local time, unless a later deadline is announced by or on behalf of CMA CGM.