CMA CGM acquires NOL shares from Singapore’s Temasek

Singapore-owned investment firm Temasek, along with its affiliates, tendered their shares of Neptune Orient Lines (NOL), boosting CMA CGM’s stake in NOL to 78.07 percent.    French ocean carrier CMA CGM said the Singapore government-owned investment firm Temasek and its affiliated companies have tendered their shares in Neptune Orient Lines (NOL), and that CMA CGM now owns 78.07 percent of NOL, the parent company of the container shipping company APL.
   CMA CGM first announced plans to acquire NOL last December and launched its all-cash tender offer for the NOL shares earlier this week.
   “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 of 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.”
   CMA CGM is paying 1.30 Singapore dollars for the NOL stock and said it does not intend to preserve the listing status of NOL.