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Hong Kong: French shipping company buying Neptune Orient for $2.4 bn

 |  December 7, 2015

France’s CMA CGM, the world’s third-largest maritime shipping company, announced it will launch a tender offer to buy all outstanding shares of Singaporean shipping company Neptune Orient Lines in a deal that values the company at 3.4 billion Singapore dollars.

Singaporean sovereign wealth fund shareholder Temasek Holdings and its affiliates, which together own 67% of NOL, have agreed to sell their entire stake, according to a joint press release by CMA CGM and NOL. The takeover bid is expected to take place around mid-2016, once certain conditions, including approval from antitrust committees, are met.

The deal will increase CMA CGM’s total fleet from 469 to 563 vessels, placing CMA CGM in the top position for transpacific shipment routes.

Full content: The New York Times

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