France's CMA CGM to buy Singapore's NOL from Temasek for $1.6 bln
SINGAPORE: French shipping company CMA CGM SA has agreed to buy a controlling stake in Singapore’s Neptune Orient Lines Ltd (NOL) for S$2.26 billion ($1.61 billion) from state investor Temasek Holdings.
CMA CGM offered S$1.30 a share, 6 percent above NOL’s last closing price on the Singapore exchange, to acquire Temasek’s near 67 percent stake, the Singapore shipping firm said in a statement on Monday.
That would value NOL at S$3.4 billion. CMA CGM is also making an offer for the entire company because its share would be more than 30 percent, according to Singapore law.
“The acquisition will enable the offeror to cement its position among the global leaders in the container shipping industry,” CMA CGM said in a statement. ($1 = 1.4005 Singapore dollars) (Reporting by Saeed Azhar and Rujun Shen; Editing by Muralikumar Anantharaman)