French shipping giant CMA CGM S.A. (CMA CGM) Friday announced that the European Commission (EC) has given approval for CMA CGM's pending acquisition of Singapore-based Neptune Orient Lines (NOL).
The proposed transaction was presented to EC on March 8, 2016, with the Phase 1 review completed Friday and approved under the condition that NOL's exit the G6 shipping alliance - a point which companies have already agreed to.
"CMA CGM and NOL will continue to cooperate with the remaining authorities to close their reviews as quickly as possible," stated CMA CGM.
A proposed voluntary general cash offer for NOL will be issued once all the pre-conditions to the offer have been either satisfied or waived, explains CMA CGM.
Earlier in April, CMA CGM announced that it has signed a Memorandum of Understanding (MoU) with COSCO Container Lines (COSCO), Evergreen Line (Evergreen) and Orient Overseas Container Line (OOCL) to form a new shipping alliance, known as "Ocean Alliance."
