• ITVI.USA
    9,157.620
    -27.560
    -0.3%
  • OTRI.USA
    2.590
    -0.020
    -0.8%
  • OTVI.USA
    9,162.320
    -26.570
    -0.3%
  • TLT.USA
    2.670
    -0.010
    -0.4%
  • TSTOPVRPM.DALLAX
    1.230
    -0.070
    -5.4%
  • TSTOPVRPM.PHLCHI
    1.100
    -0.030
    -2.7%
  • TSTOPVRPM.CHIATL
    1.290
    -0.060
    -4.4%
  • TSTOPVRPM.LAXSEA
    1.700
    0.130
    8.3%
  • TSTOPVRPM.ATLPHL
    1.520
    0.060
    4.1%
  • TSTOPVRPM.LAXDAL
    1.120
    -0.030
    -2.6%
  • WAIT.USA
    139.000
    -12.000
    -7.9%
  • ITVI.USA
    9,157.620
    -27.560
    -0.3%
  • OTRI.USA
    2.590
    -0.020
    -0.8%
  • OTVI.USA
    9,162.320
    -26.570
    -0.3%
  • TLT.USA
    2.670
    -0.010
    -0.4%
  • TSTOPVRPM.DALLAX
    1.230
    -0.070
    -5.4%
  • TSTOPVRPM.PHLCHI
    1.100
    -0.030
    -2.7%
  • TSTOPVRPM.CHIATL
    1.290
    -0.060
    -4.4%
  • TSTOPVRPM.LAXSEA
    1.700
    0.130
    8.3%
  • TSTOPVRPM.ATLPHL
    1.520
    0.060
    4.1%
  • TSTOPVRPM.LAXDAL
    1.120
    -0.030
    -2.6%
  • WAIT.USA
    139.000
    -12.000
    -7.9%
American ShipperShipping

CMA CGM surpasses 90% ownership threshold in NOL

The French ocean carrier said it intends to have Singapore’s Neptune Orient Lines delisted from the Main Board of the Singapore Exchange as it pushes forward to acquire all of the shipping company’s shares.

   Marseilles, France-based ocean carrier CMA CGM now owns 90.68 percent of Singapore’s Neptune Orient Lines (NOL), officially possessing  2.36 billion shares in the company, CMA CGM said.
   CMA CGM first announced its plans to acquire NOL last December for around $2.4 billion.
   NOL, which is the parent company of container carrier APL, is the largest shipping company listed on the Singapore Exchange.
   With the public float of NOL shares now below the minimum threshold of 10 percent, the Singapore Exchange could potentially suspend the trading of NOL shares at the close of the offer. In the event of a trading suspension, CMA CGM said it does not intend to take steps to have the suspension lifted.
   In addition, the French carrier intends to have NOL delisted from the Main Board of the Singapore Exchange.
   “CMA CGM also confirms that it intends to exercise its right of compulsory acquisition to acquire all the NOL shares held by shareholders who have not accepted the offer, in accordance with the Companies Act (Chapter 50 of Singapore), should it acquire more than 91.05 percent of NOL shares,” CMA CGM said.
   The carrier is offering NOL shareholders 1.30 Singapore dollars (U.S. $0.95) per NOL share in cash and said it will not increase its offer price. NOL shareholders who accept the offer before the close of the offer will be paid that amount within 7 business days after the date of receipt of their valid acceptance.
   CMA CGM said, “Acceptance of the offer must be received no later than 5:30 p.m. (Singapore time) on July 18, 2016 or such later date(s) as may be announced from time to time by or on behalf of CMA CGM.”

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