By REUTERS
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 (RM6.75 billion) from state investor Temasek Holdings.
CMA CGM offered S$1.30 a share, 6% above NOL’s last closing price on the Singapore exchange, to acquire Temasek’s near 67% 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%, 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.
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