NOL to be delisted from SGX on Tuesday

NOL to be delisted from SGX on Tuesday

French container shipping firm CMA CGM has announced the delisting of competitor Neptune Orient Lines after it crossed the 90 per cent ownership threshold in the Singapore company in June.

SINGAPORE: About three months after French containing shipping firm CMA CGM acquired more than 90 per cent of Neptune Orient Lines (NOL), the Singaporean company is set to be delisted from the Singapore Exchange (SGX).

CMA CGM said in a press release on Monday (Sep 5) that NOL had obtained the necessary waivers and approval from SGX for the delisting, which will take effect at 9am on Tuesday.

The French company added that it has completed the acquisition of all NOL shares. Shareholders who had not accepted the firm's earlier all-cash voluntary conditional general offer launched have been paid S$1.30 per share, equivalent to the offer price, and had their shares compulsorily acquired.

The takeover has marked CMA CGM’s biggest ever acquisition and came as container lines sought to cope with a severe market downturn through greater scale. The European Commission gave its approval for the deal at the end of April.

Source: CNA/mz