CMA CGM Takes Majority Stake in NOL

first_imgzoom French container shipping company CMA CGM S.A. has taken the controlling stake of approximately 78.07 percent of all Neptune Orient Lines’ (NOL) shares from the company’s majority shareholders, led by Singapore’s investment fund Temasek.The company satisfied on 9 June the acceptance condition in its all-cash voluntary conditional general offer for NOL, after the company’s shareholders tendered all of their shares in acceptance of the deal.“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 Temasek’s Joint Head, Portfolio Management Group, Tan Chong Lee.“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,” Tan said.CMA CGM does not intend to preserve the listing status of NOL.Further to the agreement, NOL’s Board of Directors has been changed, now comprising ten members, including Rodolphe Saadé (Chairman), Nicolas Sartini, Lars Kastrup, Serge Corbel, Ziad Tabet, Mathilde Lemoine, Ng Yat Chung, Kwa Chong Seng,  Quek See Tiat and Tan Puay Chiang.The offer price is SGD 1.30 per NOL share in cash, totaling in SGD 3.4 billion (USD 2.43 billion).The offer provided NOL shareholders with an opportunity to realise their investment in NOL at a 49% premium to NOL’s unaffected share price on 16th July 20153 and a 33% premium to NOL’s 3-month volume-weighted average share price prior to 16th July 2015.Acceptance of the offer must be received no later than 5:30 p.m. (Singapore time) on 18 July 2016 or such later date(s) as may be announced by or on behalf of CMA CGM, a joint statement reads.last_img read more