CMA CGM Completes NOL Acquisition


CMA CGM has been announced as crossing the 90% threshold of ownership in Neptune Orient Lines, which marks the beginning of full control in the company, according to gCaptain.

The company now owns more than 2.3 million shares in NOL.

PTI previously reported that CMA CGM owned 10.5% of NOL’s shares and had made an all-cash offer to acquire all outstanding shares at US$0.95 per share.

China is the most recent country to announce its approval of the acquisition, with the EU announcing its approval shortly after.

Technical Paper: CMA CGM: A 21st Century Shipping Line

Despite the deal, NOL recently saw a loss of $105 million in Q1, 2016, with CMA CGM reporting a slump of $100 million in the same period.

CMA CGM believes that the acquisition of NOL will help to strengthen its position as a world-leading shipping company. It is currently the third-largest container shipping company in the world, and operates a fleet with more than 2.3 million TEU of capacity.

Fact File: CMA CGM is a leading worldwide shipping group. Its 450 vessels call at more than 400 ports globally, across all 5 continents. In 2015, the company carried 13 million TEU. With a presence in 163 countries, through its 426 agencies, the group employs 22,000 people worldwide, including 2,400 at its headquarters in Marseille, France.

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