CCM CGM Agrees To Acquire Neptune Orient Lines

NOL_Logo_72dpi.5640c86e84e4bCMA CGM, a global leader in container shipping, announced a pre-conditional voluntary general cash offer for Neptune Orient Lines (NOL), Southeast Asia’s largest container shipping company, subject to the satisfaction of the pre-conditions specified in such announcement. NOL’s majority shareholders have irrevocably undertaken to tender all of their shares in acceptance of the Offer.

Upon the satisfaction of the pre-conditions (namely, approvals from antitrust authorities), CMA CGM will launch an offer at a price of SGD 1.30 per share, which represents a 49 percent premium to NOL’s unaffected share price and a 33 percent premium to NOL’s 3 month volume-weighted average share price to July 16, 2015.

Commenting on this transaction, Rodolphe Saadé, vice-chairman of CMA CGM, said: “This transaction will represent a significant milestone in the development of CMA CGM. Leveraging the complementary strengths of both companies, CMA CGM will further reinforce its position as a leader in global shipping with combined revenue of USD 22 billion2 and 563 vessels. By bringing together the know-how of both teams, the enlarged group will be even better positioned to provide premium services to its customers across all markets. At a time when the shipping industry is facing strong headwinds, scale is more critical than ever to capitalize on synergies and capture growth opportunities wherever they arise. I firmly believe CMA CGM will enable NOL to address the industry’s new challenges. We recognize the strategic importance of Singapore as a key hub for the maritime industry and we are committed to reinforcing its regional leadership.”

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