CMA CGA announce all-cash offer for NOL shares

By Tom Eddershaw - June 7, 2016.

CMA CGM has launched an all-cash offer for all outstanding shares of Neptune Orient Lines (NOL) following approvals by regulatory authorities in the European Union and China.

CMA CGM currently owns 10.5 per cent of all NOL shares, and intends to delist and privatise NOL through the offer.

NOL’s majority shareholders, Temasek Holdings and its affiliates, own 66.78 per cent of the company, and will tender all of their NOL shares in acceptance of the offer.

The offer price is S$1.30 (US$0.96) per NOL share in cash, which CMA CGM does not intend to increase.